Industrial investment sold for £4.325m at Balliol Business Park, Longbenton

A single let industrial investment at Balliol Business Park West, Longbenton, Newcastle upon Tyne, has been acquired for £4.325m.

GVA, acting on behalf of Ashall Homes Ltd, secured the sale of the investment property to Nottingham City Council.

The high specification manufacturing unit comprises 48,134 sq ft of recently refurbished space, including new fenestration and the provision of additional office accommodation.

The building was pre-let to Advanced Electronics Ltd on a new 10-year lease at a commencing rent of £320k per annum prior to the adaptation contract being commenced.

Advanced, which designs, develops and manufactures commercial fire detection systems, is relocating from its four sites in Cramlington to Balliol Business Park.

Simon Beanland, senior director of GVA, commented: “As anticipated, there was strong market interest in this well let investment property and we are pleased with the price achieved for this extensively re-furbished industrial unit”.

LSH acted on behalf of the purchaser.