A PRIME site on one of the region's major industrial estates has changed hands for nearly £3m.
Phoenix Road, on the Crowther Industrial Estate, in Washington, has been bought by Spencer Holdings, a Liverpool company, which is believed to have purchased a number of industrial investments in the region.
Phoenix Road Industrial Estate comprises 39 units, which house a range of local and national businesses, including Applied Holographics and Dainty Toys.
It will generate its new owners a rent roll in excess of £300,000 a year, showing a net initial yield of about ten per cent.
The firm responsible for the deal, Naylors Chartered Surveyors, said the sale was an indication that the North's economy was still thriving and that the investment market continued to go from strength to strength.
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