Sunderland industrial unit acquired in million-pound investment deal
An industrial unit close to the Nissan factory in Sunderland has been purchased by a private equity specialist in a million-pound deal.
Avison Young and Blue Marble Asset Management, acting on behalf of an unnamed purchaser, have secured the acquisition of a unit at Turbine Business Park near the International Advanced Manufacturing Park.
The freehold investment comprises a 21,469 sq ft industrial unit, currently let to Hyperdrive Innovation on a 10-year full repairing and insuring lease.
The unit forms part of the Future Technology Centre owned by vendor Gateshead College, which was represented in the lease agreement and sale by Naylors Gavin Black.
Simon Beanland, principal at Avison Young, commented: “The North East industrial market continues to be attractive to investors and well-located, modern accommodation such as the Hyperdrive unit, are of particular demand.
“Hyperdrive are one of the UK’s leading developers of battery energy storage systems, a market that will be of increasing significance in years to come.”
Tim Matthews, CEO of Blue Marble Asset Management, added: “This acquisition confirms our client’s ongoing commitment and confidence in both the North East and the industrial property sector. This modern property will be a complimentary addition to our portfolio under management.”