Refurbishment helps secure sale of Meridian House

March 2020

A new self-storage warehouse is to be created on Tyneside after refurbishment work by our Building Consultancy team helped to catch the eye of a national brand.

The 34,780 sq. ft detached unit on the Team Valley in Gateshead will be the latest warehousing facility for Safestore after it was refurbished and sold by Naylors Gavin Black LLP.

Working on behalf of the Vardy Group, the Building Consultancy team at Naylors Gavin Black designed and project managed the refurbishment of Meridian House on Kingsway North, the main thoroughfare through the region’s busiest commercial estate.

Keith Stewart, partner at Naylors Gavin Black, which acted as joint agent on the sale alongside HTA Real Estate, said: “Safestore is a well-established brand in the North East, with facilities in central Newcastle, North Tyneside and Sunderland, but this will be its first Gateshead branch. It’s an excellent location, surrounded by leisure, retail and office accommodation on one of the most prominent parts of the Team Valley.

“Although only initially offered on a rental basis, Safestore was keen to purchase such a prominent building in this target location. Several departments, including our industrial agency and property management teams, have worked together to secure a fantastic result on behalf of our client.”

The property which has 60 car parking spaces and an enclosed multi-access loading yard also incorporates a self-contained, two-storey office complete with meeting rooms and reception area.

Dean Clark, associate partner in the Building Consultancy team at Naylors Gavin Black added: “In recent years we have established a successful track record in undertaking bespoke refurbishment projects to vacant commercial premises which have led to successful transactions being completed shortly after. Occupiers are often working to restricted timescales, so by presenting a vacant property in a good condition and ready to move into, makes it a more viable proposition.”

Established in 1998, Safestore is the UK’s largest and Europe’s second largest provider of self-storage solutions. The firm has 123 storage units and 2 business centres within the UK and a further 34 stores in Europe.

Montagu Evans acted on behalf of Safestore in the purchase of Meridian House.

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