A County Durham manufacturing facility is to undergo a major refurbishment following a deal by the region’s largest commercial property consultancy.
Plans are underway to refurbish the 194,000 sq.ft. property on the Meadowfield Industrial Estate after the acquisition, which was brokered by Naylors Gavin Black.
Formerly a Wavin plastics factory, the site has remained empty since production ceased more than four years ago. Having acquired the property’s freehold, new owner Northumberland Estates is planning an overhaul of the site in the hope of attracting new occupiers.
Prospective occupiers are already in discussions with joint letting agents Naylors Gavin Black and Savills as Northumberland Estates look to divide the premises to meet occupiers’ individual needs. A programme of works including external re-cladding and internal refurbishment, will begin in the coming weeks. The property sits on a site of nearly 23 acres which also provide options for occupiers seeking secure external compound storage space.
Chris Donabie, partner at Naylors Gavin Black, said: “ This acquisition involved a number of complex issues, particularly in regard to the property’s previous long lease and ground rent obligations. However it’s fantastic for our firm to be in a position to begin marketing the new opportunities which will be available from June.
“The position of the access points and no fewer than 20 loading doors make it an ideal space to accommodate multiple sub-divisions, or alternatively let the space as one whole.”
Michael O’Driscoll, senior asset manager at Northumberland Estates added: “The quality of the advice and support provided by Naylors Gavin Black has been second to none and we are looking forward to getting started on the refurbishment works and supporting occupiers to help accommodate their individual requirements.”
Naylors Gavin Black and joint agents Savills are marketing the space at rents starting at £3.00 per sq. ft. with size options ranging from 10,000 sq. ft. to 175,000 sq. ft., as well as external yard areas covering between half an acre and 10 acres.
