Business & Economy
HTA Real Estate completes trio of Team Valley deals
September 4, 2018
HTA Real Estate has completed a trio of deals at Team Valley amounting to over £2.5m.
The industrial property specialist has concluded the sale of three industrial premises on Kingsway, the main thoroughfare through the popular Gateshead business park.
Acting on behalf of Express Group, HTA has completed the sale of Unit 2 Kings Court to Upnorth Group for £915,000.
The specialist building services organisation, which has a head office on Princesway, Team Valley, employs around 200 staff in the North East. The firm’s new facility at Kings Court forms part of a strategic growth programme, which is expected to take its staff headcount to 350.
Vickie Grierson, finance director of Upnorth Group, said: “Since the purchase of our new facility at Kings Court, we have invested over £500,000 in a bespoke refurbishment to customise the premises for our use.
“The new depot is home to our project management and after sales teams but primarily provides warehousing and assembly lines for alternative and off-grid energy systems which we provide to our clients. The site will also house our secure Network Operational Control Centre and will be the foundation of our innovation and pioneering work in the coming years.”
Also acting on behalf of Express Group, HTA Real Estate has completed the sale of a 19,000sqft industrial facility on Kingsway South to Precision 2000. The new unit will provide additional space for the precision engineering specialist, which is currently undergoing expansion.
HTA has also sold a 7-acre facility at Kingsway North, which was formerly home to Allied Bakeries. The sale was concluded after HTA, acting on behalf of Lanchester Wines, successfully relocated Allied Bakeries distribution hub from the site on Kingsway to a new 40,000 sqft warehouse on Abbotsford Road, Gateshead.
Nick Atkinson, director at HTA Real Estate said: “These transactions perfectly illustrate the high level of demand for premises on Team Valley for owner occupation. We are finding that many Team Valley based occupiers such as Upnorth Group and Precision 2000 will not consider any other locations, as they have established suppliers and customers also on the estate.”