UK Land acquires £7.5m industrial site
The 100,000 sq ft Dukeries in Gateshead is part of the wider Team Valley Industrial Estate and comprises two industrial units and two data centres.
The sale was brokered by Savills, on behalf of private clients who developed the Dukeries more than 30 years ago.
Now acquired by the wider estate’s freeholder, it will feed into UK Land’s long-term plans for Team Valley, which spans more than 7m sq ft and has 50 acres of further industrial stock in the pipeline.
The Dukeries itself estate currently produces a total income of £640,000 each year, with tenants including Virgin Media, R S Components, and One Stop Hire.
With direct access to the A1, it is it is conveniently close to motorways, Newcastle city centre, and Newcastle airport.
Peter Atkinson, director in Savills Newcastle investment team, said: “It’s great to deliver the first sale of this estate since it was developed by our clients over three decades ago.
“It’s also very fitting that such an important piece of Team Valley was acquired by the freeholder, UK Land, which has exciting and ambitious plans to invest in and further drive the success of the wider Team Valley Estate.”
