Northern Trust Company has acquired two multi-let industrial estates in Gateshead, strengthening its portfolio in the North East.
The business has snapped up Earlsway Trade Park and Derwent Court located on the established Team Valley Industrial Estate in Gateshead.
The two multi-let industrial estates provide a combined 99,608 sq ft of accommodation across 21 units offering a range of industrial and trade counter space suited to businesses of varying sizes.
Earlsway Trade Park includes 15 units arranged across three separate parades, with individual units ranging from 1,911 sq ft to 5,130 sq ft.
Derwent Court has six industrial units arranged across two detached and two semi-detached blocks around a central courtyard, with units ranging from 5,975 sq ft to 15,148 sq ft.
The acquisition takes Northern Trust’s North East portfolio to more than 3.1 million sq ft across 81 separate estates.
Jonathan Houghton, operations director at Northern Trust, said: "Earlsway Trade Park and Derwent Court are excellent additions to our North East portfolio and fit well with our strategy of investing in established industrial locations where there is strong and sustained demand for business space.
"Team Valley is a well-established commercial location with a diverse occupier base, and these estates provide a good mix of unit sizes to meet the needs of local and regional businesses. The acquisition of these estates strengthens our presence in Gateshead and demonstrates our continued commitment to investing in and growing our North East portfolio."
Douglas Cranston at HTA Real Estate, who acted for Northern Trust on the acquisition, added: "We were pleased to act for Northern Trust on the acquisition of Earlsway Trade Park and Derwent Court. It’s a rare opportunity to acquire two such core assets on the region's premier industrial estate.
"The various unit sizes offer great scope to secure a range of tenants going forward and the underlying quality of the real estate will help to ensure rental growth performance and improved returns for Northern Trust. It has been great working alongside Northern Trust in the acquisition of these assets."
Steven Porter, regional property manager for the North East, said he was pleased to add the sites to its portfolio, noting: "Both estates offer a strong range of industrial accommodation and will benefit from the proactive, hands-on approach provided by our North East team."
