The Capital Markets Teams at Avison Young, Newcastle and CBRE, Leeds acting jointly on behalf of Block Industrial managed by Copley Point Capital have secured the sale of an industrial development at Turbine Business Park, Washington, Sunderland.
The development, built in 2023, comprises a 4-unit scheme of industrial / warehouse units extending to a total area of 169,499 sq ft. in a prime north-east industrial location, which offers excellent links to the A19 and A1(M) as well as to the nearby 3.89m sq ft Nissan car plant.
UnitsTB20 and TB29 are respectively let on full repairing leases to Bathroom Cladding Direct and Rheal Superfoods whilst units TB51 and TB68 are currently being actively marketed on an available to let basis.
An off-market sale of the virtual freehold interest was completed earlier this month. The purchaser was Waterfall Property Company Ltd c/o Tristan Capital Partners and Harley Ford Capital. Knight Frank acted for the purchaser.
Simon Beanland, Principal, Avison Young comments. “Having previously advised our client on the acquisition of the site, we were pleased to have been retained to jointly advise on the disposal. Turbine provides high specification accommodation with excellent ESG credentials in a prime industrial location for the North East”
Henry King, Associate Director, CBRE adds. “Our client has done a fantastic job developing out a real high-quality industrial scheme and we are pleased to have been able to advise on the successful disposal, ahead of formal marketing. It was a pleasure working with the team at CPC, our joint agents and the purchaser’s team to conclude the transaction in a timely manner.”
