398C Princesway, Team Valley, Gateshead - Investment Sale
Masston Limited were long time clients of Naylors Gavin Black, indeed since the late 1990’s when Naylors Chartered Surveyors, our pre-merged business was based on Team Valley. We have dealt with a variety of lettings within the property since then.
The property became vacant again at the end of 2021 as the tenant moved on. Our client in the meantime had decided to take a step back from property investment and enjoy his retirement, so was looking to sell the property on. We felt letting the property and selling the resultant investment interest was probably the best exit for our client given market conditions at that time, to give him the best value.
We were able to manage the whole process in house. Our building surveying team were asked to prepare, serve and negotiate the dilapidations on the outgoing tenant. At the same time Naylors Gavin Blacks industrial agency team went to market to let the property to a logistics occupier. After a short period of time, and reflective of market conditions, a tenant was identified who took a long-term occupational lease -without the need to offer a rent free period or incentive rent -a sign of the strength of the occupational market on Team Valley.
As soon as terms were agreed our experienced investment agency division were instructed to identify a purchaser for the resultant investment interest created by the letting. We undertook a brief marketing of the investment and identified a special purchaser swiftly. After the usual legal due diligence process our client was able to sell and walk away from his investment after his 30+ year relationship with both the property and our firm.
All parties were very happy with the outcome now and indeed more generally the history between our firms.