Naylors Gavin Black secures substantial Durham industrial letting
Independent property consultancy Naylors Gavin Black has driven a significant deal, which will see cutting-edge electronics firm PragmatIC Semiconductor move to a bigger site in Durham.
PragmatIC, which manufactures flexible integrated circuits, has confirmed that the location of its new UK site PragmatIC Park will be on the Meadowfield Industrial Estate, Durham, following recent major investment in the company’s growth.
Naylors Gavin Black acquired the former Wavin Pipes site in April last year on behalf of Northumberland Estates, which refurbished the premises with a view to dividing it up to attract a number of occupiers.
However, PragmatIC Semiconductor, whose current manufacturing facility is based at NetPark, County Durham, is taking over the whole 174,000 sq ft property to significantly expand production.
Keith Stewart, a Naylors Gavin Black partner, said: “We are delighted to support the growth of a firm of this standing to locate to a much bigger space having secured recent investment. PragmatIC’s enlarged base will enable it to go from strength to strength and continue its development.
“This deal sends a strong message about how Durham is open for business and has the high-quality properties needed by firms of this calibre to invest and expand. The manufacturing sector in the North East, but especially Durham, is very strong at the moment with a number of recent confidence and purchasing indexes showing the region in a positive light.
“Prime industrial locations like Meadowfield can help the region achieve the Government’s ambitions to level up as we continue to draw interest from occupiers, as well as investors who recognise the potential of the area.”
Scott White, PragmatIC’s chief executive officer, said: “Our new PragmatIC Park site is testament to our commitment to supporting innovative technology development, high-value manufacturing, and skilled jobs in the region. We are a rapidly growing business and we’re delighted that there is the right quality of property nearby that can support our ambitions and provide further employment opportunities within Durham.”
Michael O’Driscoll, Northumberland Estates commercial property investment director, said: “We are delighted to welcome PragmatIC as a tenant. Letting the building in its entirety prior to completing the refurbishment demonstrates the strong demand for industrial space in the region.”
Naylors Gavin Black and Savills acted on behalf of Northumberland Estates and HTA Real Estate represented PragmatIC.
PragmatIC Semiconductor is a world leader in ultra-low-cost flexible integrated circuits, with a unique technology platform that enables innovators to create novel solutions to everyday problems that are beyond the scope of conventional electronics.