New lettings on Team Valley
The industrial property market continues to strengthen at Team Valley according to our Industrial Agency team, who have recently concluded a number of lettings on the business estate. They are also seeing new rental levels being achieved as a result of high levels of occupier demand and limited availability.
At Kingsway Interchange, which is owned by UK Land Estates, Pro Fix Installations has signed up to a 8,500sqft unit, which will see the business relocate from Blaydon in order to target new business and accommodate its expansion. The letting follows similar transactions on the scheme in 2015 with Howden Joinery and Doherty Group.
Kingsway Interchange comprises 23 units at the southern end of Team Valley ranging in size from 3,000 to 21,500sqft. Our Industrial Agency team have been involved with lettings on the scheme since the late eighties and have handled buildings on behalf of a number of different owners of the site over the past 30 years.
Our Building Consultancy team has been appointed by UK Land Estates to undertake a major refurbishment of the development to include upgrading of the facades. There are three units currently available ranging from 5,000sqft up to 10,000sqft.
Elsewhere on Team Valley, Edmundson Electrical has signed a new ten year lease on an 11,000sqft unit at Foster Court. The firm has downsized from its previous premises, also on Team Valley, and has chosen Foster Court in order to secure a more modern, detached building with its own dedicated yard and parking.
Keith Stewart, director at Naylors said: “We continue to see a strong level of demand for good quality industrial property on Team Valley and are very pleased to have secured these lettings on behalf of UK Land Estates. Rental levels for industrial property of this type is now at its highest on the estate since the downturn, achieving in excess of £6 per sqft. The new industrial development that is taking place on the estate in 2016 will help to grow this further.”
Shirley Simpson, senior settings surveyor at UK Land Estates said “We are receiving continuing demand from companies for newer, higher specification units. We are due to complete our first speculative development on the estate for 8 years. The 11,000sqft industrial unit on Queensway has already received significant interest.”