Acquisition and subsequent letting of the Former Wavin Pipes Facility, Meadowfield Industrial Estate, Durham
Naylors Gavin Black acquired the extensive facility in 2020 on behalf of Northumberland Estates following the closure of the site a few years earlier. The property extended to just under 200,000 sqft on a self-contained site of over 15 acres.
The purchase was difficult in that there was a restrictive ground lease in place making any possible sale difficult for the seller.
After some complex negotiations between the freeholder, the long leaseholder and purchaser, a sale was ultimately agreed.
With assistance from Naylors Gavin Black, Northumberland Estates put plans in place to strip the asbestos from the premises and to fully reroof and reclad the property leaving it ready for either landlord or tenant fit out subject to occupier requirements.
During the works, Naylors Gavin Black marketed the facility to let and quickly found an occupier, PragmatIC Semi-Conductor, who were based at Net Park in Durham. PragmatIC were looking to expand their operations locally to a large existing site following major investment.
The property was let early 2022 on a 15 year lease with option to purchase. Naylors Gavin Black are marketing for sale or to let 7 acres of the site for Northumberland Estates which is surplus to the tenant’s requirements. This is ready for possible development or occupation.