Property investor Hanro Group acquires South Tyneside warehouses for £2.34m
Newcastle-based property investment firm The Hanro Group has acquired two industrial sites in South Tyneside.
The company paid just over £2.34m for Units 4 and 9 on Didcot Way as part of a plan to build its portfolio with North East assets.
The two warehouses are located within reach of the A19, Tyne Tunnel and the Nissan auto factory in Sunderland.
Unit 9 Didcot Way extends to 21,895 sq ft. The property was let earlier this year to laser technology business Trotec Laser on a 10-year lease. The other space, Unit 4, is a detached 17,146 sq ft building, newly refurbished but currently vacant.
Erin Peart, Hanro's head of property, said: "Hanro is focussed on creating a balanced portfolio of commercial assets and the industrial sector is of particular interest to us at the moment.
"This deal perfectly illustrates our confidence in the North East market with both properties offering good potential for rental growth, given the demand and supply dynamics in this locality."
The investment agency team at Newcastle firm Naylors Chartered Surveyors completed the acquisition deal for Hanro.
Naylors director Chris Donabie commented: "Unit 4 and 9 Didcot Way ideally matched Hanro's requirement for good quality industrial investment stock in locations where there is constrained supply and healthy occupier demand.
"At an early stage we identified that the properties presented an ideal opportunity and we were able to complete a successful off-market acquisition."
Chris added: "Following the comprehensive refurbishment of unit 4, we anticipate that a new tenant will be secured in the coming months, given the strength of current interest."