Vengrove, represented by Savills, has successfully acquired units 7 and 8 at County Durham’s Foxcover Distribution Park.
The modern, grade A logistics facility totals 132,887 sq ft across an 8.26 acre site, and sits within an established industrial location home to a number of national and regional manufacturers and distributers. Surrounding occupiers include Yearsley Logistics, Biffa PLC, Robertson Group, CSL and Metro Mail.
The park is well located with rapid access to the region’s arterial road network as well as the north east ports including The Port of Tyne and Teesport.
The property was purchased with vacant possession and the new owners are currently undertaking a programme of refurbishment works ahead of remarketing.
Peter Atkinson, investment director at Savills Newcastle, comments: “Availability of industrial space in the North East is highly constrained, with demand from both occupiers and investors being at an all-time high. This makes this transaction an excellent acquisition for Vengrove, with major value-add potential and opportunities for substantial rental growth in a thriving market.”
Richard Scott, industrial & logistics director at Savills Newcastle, adds: “The strength of demand and the critical under supply of units in the North East provided our client with the confidence to purchase the Foxcover site with vacant possession. On completion of the works it will be the only grade A unit over 50,000 sq ft available in the region.”
Will Hunting, Head of Investment at Vengrove, comments: “We are delighted with the acquisition of 7 & 8 Foxcover, which is a great fit for our value-add industrial and logistics strategy and is another acquisition for us in the North East, a market we have extensive experience in. Given the VP profile of the acquisition, Savills’ advice on the occupational side, as well as investment, was invaluable.”
Naylors Gavin Black acted for the vendor Imbue Property Ltd.