Member Article

Newcastle property firm acquires £3m Durham warehouse facility

A Durham warehouse facility has been snapped up by the investment team at Naylors Chartered Surveyors for £3 million, after being marketed by Knight Frank.

Situated at Durham’s Bowburn Industrial Estate, the 97,308 sq ft unit and its 6.7 acre site is currently being let by women’s clothing company, Jacques Vert.

The acquisition came about through the Newcastle commercial property firm’s membership of the Property Agents Independent (PAI), a network of independent commercial surveying practices spread throughout the UK.

Naylors’ head of investment, Fergus Laird, identified the Bowburn property as a suitable match and introduced it to BSM, he said: “We met BSM’s client in Newcastle and took them to see the property.

“Our building consultancy team carried out a detailed building survey and we provided an in-depth report on what is happening in the North-East industrial market, which gave the client sufficient confidence to acquire the building. This is a great result for all parties concerned.”

Alan Matthews, director at Barker Storey Matthews, added: “This is a great example of two PAI member firms working together to provide a national investment service for our client. Our client had invested quite heavily in the Cambridgeshire region over a number of years with ourselves but had never ventured further north.”

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