Avison Young’s Newcastle office has been appointed as joint letting agents with HTA Real Estate at Follingsby Park, Gateshead by Westbrook Partners which recently acquired the industrial estate.
The investment offers great potential for asset management towards rental growth and enhanced values.
Follingsby Park is a premier north east industrial estate which enjoys excellent road access to both the A1 and A19 road corridors as well as to both Newcastle / Gateshead and Sunderland.
The estate which extends to 118 acres accommodates in excess of 1million square feet of high quality industrial and logistics space within 46 units. The estate currently has a low vacancy rate of less than 5% which is testament to its popularity. There are 3 units currently available ranging in size from 7,000 to 33,000sq ft and a further 9.1 acres of development land available for future schemes/custom build projects.
Tenants on the established, well landscaped high-quality estate include Royal Mail, IKEA, Bunzl, B+Q, Iron Mountain and Whirlpool.
Danny Cramman, Director, Avison Young comments. “We are delighted to be appointed as joint agents on this superbly located industrial park which sits alongside dual carriageway links to both the A19 and A1(M) corridors. The location is attractive to both local and inward investment companies as is evidenced by the impressive historic take up of space and low vacancy rate.”
Nick Atkinson, Director, HTA Real Estate comments. “This year marks 20 years as the agent on Follingsby Park for me personally. It has consistently had a low turnover of occupancy, and vacant units are snapped up quickly. Follingsby offers modern high specification buildings benefitting from 24/7 site security with unparalleled access and high quality landscaping.”
