Investor snaps up £4m South Shields industrial estate

Knight Frank has brokered the sale of an industrial estate in South Shields on behalf of TP Property Company for £4m. It has been acquired by Wordie Properties Limited, represented by ATRE.

TP Property Company bought Units 1-7 Western Approach Trade Park in South Shields in 2016 before stripping them back to the frame, refurbishing and re-letting to trade counter occupiers, including a number of their own brands. The 46,754 sq. ft. property is multi-let to tenants including Howdens, Toolstation, City Plumbing and Cubico.

Partner at Knight Frank Newcastle, Dickon Wood, said: “Investor demand for regional, multi-let industrial estates remains strong. The underlying tenant demand for industrial premises is why so many investors are targeting the industrial sector at present.”

Richard Turner, director at investment specialist ATRE commented; “I am delighted to have secured this opportunity on behalf of our client. The strength of the occupational market and high quality of the development will present plenty of asset management opportunities and strong income going forward.”

Knight Frank managed the lettings and the sale on behalf of the vendor, and ATRE acted for the purchaser.

By Mark Adair – Correspondent, Bdaily

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