HTA Real Estate has concluded the sale of a 28,000 sq.ft industrial property to a growing packaging company.
iPac Packaging Innovations has acquired the manufacturing premises at Albany Road, close to Gateshead town centre, with plans to create a raft of new jobs over the next six months.
iPac provides innovative packaging solutions to food processing companies and retailers through various supply chain partnerships. The opening of the new Gateshead manufacturing plant will enable iPac to bring packaging production in-house and the firm anticipates the creation of 23 jobs by 2018.
Jonny Catto, finance director at iPac said: “The acquisition of our new Albany Road site is a major step forward for iPac. The premises are currently undergoing an extensive refurbishment programme in order to bring it to the highest level of food packaging hygiene and quality standards.
We have already completed phase 1 of the project, which means we are now “production ready”, phase 2 will be completed by October 2017 allowing capacity expansion, and further expansion works are planned for 2018.”
Russell Taylor, director at HTA Real Estate, who completed the deal said: “We are very pleased to have brokered this sale with iPac. In total it is a 2.55 acre site at Albany Road, which gives iPac significant expansion opportunities with scope for future development on the vacant land. The premises have a larger than average on-site power supply and the site provides easy access to the A1 for logistics purposes.”
He added: “We continue to see a high level of demand for manufacturing and warehouse premises which are available on a freehold or long leasehold basis and especially those which incorporate expansion opportunities’.
HTA Real Estate, a specialist industrial and logistics property agency, was named ‘Industrial Agency of the Year’ at the recent Insider Media inaugural North East Property Awards.