The property had previously been fire-damaged. Credit: via Be Seen Be Heard

GAP Renew up and running in Gateshead

A 40,000 sq ft Bath Road unit owned by Armstrong Brooks will now be used for a white goods recycling facility following a £500,000 refurbishment.

Naylors Gavin Black, which had previously negotiated the freehold sale for the former owner before being retained by Armstrong Brooks as agent, negotiated the deal for the building, which had previously been badly fire-damaged.

NGB advised on the required refurbishment to maximise the asset in the current market and has let the space for £185,000 per year to growing local company GAP Group for its white goods facility.

The low-bay warehouse and flat roof office block have both been re-roofed, along with upgrading of the office space and welfare facilities. Whilst the warehouse space has benefitted from new LED lighting, skylights and redecoration of the walls, steel supports and concrete floor.

Senior surveyor at Naylors Gavin Black, Duncan Christie, said: “This is a great result for, not only our client, Armstrong Brooks, in terms of a healthy return on their investment but also for Gateshead because GAP has given the property an environmentally sustainable future and created new jobs.

“High tenant demand for industrial premises is why so many investors are targeting the industrial sector at present. Our in-depth knowledge of the market and requirements of potential occupiers allowed us to assist Armstrong Brooks on a strategy that would deliver maximum returns. Interest in the unit was high and we are delighted with the end result.”

GAP Renew is now fully operational at the Bath Road unit and aims to reuse and recycle at least 500,000 electric units in its first year.

Peter Moody, director of GAP Group, said: “The landlord worked extensively with us to ensure we got the exact specification we need to provide our clients with the very best quality solutions to meet their refurbish and recycle requirements.”

Bob Cory, managing director at Armstrong Brooks, added: “We have worked with Duncan Christie and Naylors Gavin Black for a number of years and value their advice with regards to the assets we hold in our portfolio in the North East of England.

“The acquisition of this unit aligned with the objectives we have set for our wider portfolio and we are very happy to secure GAP Group – a tenant with strong growth potential and a great track record in the North East region. We hope they will be happy at the site for many years to come.”

GAP’s new facility is on Bath Road. Credit: via Be Seen Be Heard

Your Comments

Read our comments policy

Related Articles

Subscribe for free

Stay updated on the latest news and views in North East property


Keep updated on the latest news, deals, views and opportunities in North East property, in your inbox.

By subscribing, you are agreeing to Place Terms & Conditions and Privacy Policy.

"*" indicates required fields

Your Job Field*
Other regional Publications - select below