PAI member Naylors investment agency team has completed the acquisition of two industrial property investments at Boldon Business Park on behalf of Hanro.
The Newcastle-based property investment company has purchased units 4 and 9 Didcot Way for £2.342m, as it looks to build its commercial portfolio with North East assets.
The two modern industrial warehouse units are located in the popular commercial area to the south of the River Tyne where there is good access to the A19, Tyne Tunnel and Nissan.
Unit 9 Didcot Way, which extends to 21,895 sq.ft was let earlier this year by Naylors on a 10-year lease to Trotec Laser. The firm, which is a world leader in the field of laser technology and manufacturing, relocated to Boldon from Faraday Close in Washington to accommodate its expansion.
Unit 4 is a detached 17,146 sq.ft property which is currently vacant and has recently undergone a full refurbishment programme. Naylors has been retained as sole letting agent by Hanro to secure a new tenant and reports strong interest in the unit, which has its own dedicated yard.
Chris Donabie, director at Naylors said: “Unit 4 and 9 Didcot Way ideally matched Hanro’s requirement for good quality industrial investment stock in locations where there is constrained supply and healthy occupier demand.
“At an early stage we identified that the properties presented an ideal opportunity and we were able to complete a successful off-market acquisition. Following the comprehensive refurbishment of unit 4, we anticipate that a new tenant will be secured in the coming months, given the strength of current interest.”
Commenting on the acquisition, Hanro’s head of property Erin Peart said: “Hanro is focussed on creating a balanced portfolio of commercial assets and the industrial sector is of particular interest to us at the moment. This deal perfectly illustrates our confidence in the North East market with both properties offering good potential for rental growth, given the demand and supply dynamics in this locality.
“We look forward to continuing our relationship with the team at Naylors and securing a new occupier for Unit 4 to create another strong long-term investment”.