North East property division secures 'prestigious' US client for Gateshead trading estate
Property group Avison Young, acting on behalf of Gateshead College, has secured the sale of a “prestigious” office and industrial property at Princes Way, Team Valley Trading Estate, Gateshead.
The property known as the Borgwarner Premises has been acquired by Turntide Technologies for an undisclosed figure, higher than the initial asking price, which reflects both the location and the prestigious nature of the premises.
The investment property comprises circa 42, 429 sq ft of long leasehold, modern industrial and office.
The modern detached two-storey steel framed office building and separate industrial unit were built in 2011.
Simon Beanland, principal and head of investment at Avison Young, Newcastle said: “Lack of supply and evidence of increased rental growth meant that this prime modern asset generated a high level of interest in the investment market.
“The achieved sale price, well in-excess of asking, is reflective of the strong investment market and high levels of demand for industrial and well-let office premises in the North East.”
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