Industrial estates change hands in £10 million deal

Two industrial estates on one of the North East’s largest commercial sites have been sold in a deal worth more than £10 million.

Earlsway Trade Park and Derwent Court, on Team Valley Trading Estate in Gateshead, have been acquired by property company Northern Trust from Northumberland Estates.

The sites provide a combined 99,608sq ft of industrial and trade accommodation across 21 units.

Earlsway Trade Park comprises 15 units across three parades, while Derwent Court, pictured below, provides a further six industrial units.

Jonathan Houghton, operations director at Northern Trust, said: “Earlsway Trade Park and Derwent Court are excellent additions to our North East portfolio and fit well with our strategy of investing in established industrial locations where there is strong and sustained demand for business space.

“Team Valley is a well-established commercial location with a diverse occupier base, and these estates provide a good mix of unit sizes to meet the needs of local and regional businesses.

“The acquisition of these estates strengthens our presence in Gateshead and demonstrates our continued commitment to investing in and growing our North East portfolio.”

National property consultancy Bradley Hall and MHPI acted as joint agents for Northumberland Estates, bringing the properties to the investment market and advising on the sale.

Bradley Hall principal asset manager Anthony Cape and agency surveyor Harry Towers completed the transaction alongside MHPI’s Simon Harland and James Metcalf.

Anthony said: “The successful sale of Earlsway Trade Park and Derwent Court is a significant transaction for Northumberland Estates and demonstrates the continued appetite for well-located industrial investment across the North East.

“Both assets offered a strong combination of scale, location and established income, and the level of interest generated throughout the sales process reflected the quality of the opportunity and the strength of Team Valley as an established industrial location.

“The transaction also highlights the depth of demand we continue to see for good-quality industrial investments across the region, particularly where assets are located within established commercial estates with strong transport links and a broad occupier base.”

Harry added: “Earlsway Trade Park and Derwent Court presented an attractive investment opportunity, combining a substantial amount of industrial accommodation with an established location and occupier base.

“There continues to be strong investor interest in well-located industrial assets across the North East, and this transaction is a good example of the scale of investment being attracted to the region.

“It was a pleasure to work alongside Anthony, Northumberland Estates and MHPI to bring the sale to a successful conclusion.”

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