North East propco swoops in Durham
Ward Group Investments has acquired four buildings at Bowburn North Industrial Estate, a portfolio marketed at £4.5m.
Comprising a total of 200,343 sq ft, the four units are adjacent to the A1(M) and sit just north of the new Integra 61 development, home to Amazon’s Durham fulfilment centre.
Three of the four buildings are already let, with PC Henderson, Katem Logistics and Personal Hygiene Services all having operated from the estate for more than five years.
The fourth unit, Unit 2, stands vacant, however the team at Ward Group Investments are confident that once refurbished it will offer an “appealing proposition to businesses seeking to capitalise on the area’s growing reputation for last mile logistics”.
Although the sale price was officially undisclosed, Place North East understands that with competition stiff, the asking price was met.
Entrepreneur Andrew Ward, who heads the eponymous property group, said: “Over the past two years, we’ve grown our portfolio significantly with a number of strategic acquisitions across the UK and the UAE and this is yet another high-quality development to add to our ever-growing list.
“The North East and particularly County Durham are perfectly placed for businesses seeking to capitalise on the growing demand for last mile logistics and investment opportunities don’t get much better than this.
“It’s perfectly placed adjacent to the A1, provides access to a skilled workforce and offers some of the most competitive business rates in the UK, it’s absolutely perfect.”
Ward set up Ward Group Investments in 2021 following the sale of his previous business, Workwear Express to global giant Bunzl.
The firm invests in a diverse range of properties including industrial, retail, office, leisure and student accommodation across the North East and overseas.
Agent Bradley Hall advised Ward Group on the transaction, with Savills acting for the vendor.
Peter Bartley, group director at Bradley Hall, said: “The purchase demonstrates just how high confidence is among investors when it comes to the region’s commercial property market. The vendors had numerous regional and international buyers for this estate, but our intimate knowledge of the area and sector helped us secure this for Andrew.
“We are delighted to have advised Ward Group Investments on the acquisition and we are confident that there will be yet more exciting investments from the team to follow.”
Other regional schemes invested in by Ward include the Three Tuns student residential project in Durham and Newcastle’s Union Rooms. The group has an investment portfolio of £100m.