Avison Young secure Investment Property at Turbine Business Park
01 March 2021A well let industrial unit in Nissan Way, Sunderland.
Avison Young and Blue Marble Asset Management Ltd acting on behalf of a private equity purchaser have secured the investment purchase of a well let industrial unit at Turbine Business Park, Nissan Way, Sunderland.
The property is located close to Nissan and the International Advanced Manufacturing Park. The unit forms part of the Future Technology Centre owned by the vendor, Gateshead College, who were represented in the negotiation of a new lease to Hyperdrive and the subsequent sale, by Naylors Gavin Black.
The freehold investment comprises a 21,469sq.ft. industrial unit let to Hyperdrive Innovation Ltd. The property which was acquired for a price of over £1m is let on a 10year full repairing and insuring lease at an initial rent of £89,960pa, which is subject to a fixed increase to £105,835pa in April 2023.
Simon Beanland, Principal, Avison Young adds; ‘The North East industrial market continues to be attractive to investors and well-located, modern accommodation such as the Hyperdrive unit, are of particular demand. Hyperdrive are one of the UK’s leading developers of battery energy storage systems, a market that will be of increasing significance in years to come’.
Tim Matthews, CEO of Blue Marble Asset Management said “this acquisition confirms our clients ongoing commitment and confidence in both the North East and the industrial property sector. This modern property will be a complimentary addition to our portfolio under management”.
