Prime industrial units snapped up in Peterlee
19 November 2007
Two prime industrial units sold at Whitehouse Business Park in Peterlee.
Two prime industrial units totalling 88,000sqft have been sold at Whitehouse Business Park in Peterlee. The high specification industrial units were snapped up by local businesses, Sotech and GT Group, who have both relocated from other nearby business parks.
The two units, which are owned by a syndicate of investors managed by Tritax Assets LLP, form part of a larger development by Grantside, which consists of four detached industrial/distribution units totaling over 220,000sqft. Unit 1 was pre-let to Metromail, a national mailing house owned by Saga Group and Unit 4 is the last remaining unit available for sale providing 40,000sqft of high quality industrial accommodation.
The buildings, which had previously only been available by way of lease, were snapped up very quickly after recently being made available to purchase. King Sturge, who have been acting on behalf of the owners believe this highlights the strength of the current freehold market. With current interest rates, the cost of purchasing has proved in some cases to be as cost effective for a business as renting. It also offers the opportunity for occupiers to benefit from any future capital growth in property.
Simon Hill, Partner in Industrial Agency at King Sturge said, ‘The high level of interest we have received in these units is a clear reflection of the limited supply of quality freehold properties available in this area’.
Ian Ross, Partner at Tritax Assets said: ‘We are offering a unique opportunity for local businesses to purchase their own quality commercial space in an area where there is limited accommodation like this available for sale. The quick sale of units 2 and 3 at Whitehouse Business Park demonstrates the high level of demand for freehold industrial premises’.
Joint agents on the development are King Sturge and GVA Lamb and Edge.
