Cushman & Wakefield’s Newcastle-based Logistics & Industrial team has completed two deals in Teesside.
The firm has let 17,577 sq ft of industrial space at Legal & General’s Easter Park on Teesside Industrial Estate, Thornaby to Air Management Systems Ltd. The deal was agreed on behalf of Legal & General’s Industrial Property Investment Fund (IPIF) and the unit was let on 10 year lease with 5 year break at the asking rent.
Kim Potts of Air Management Systems commented: “The industrial space at Easter Park ticked all of our key search criteria as we expand our base into the North East and Teesside. We are looking forward to commencing operations from the unit in the near future.”
Cushman & Wakefield has also acted on behalf of workwear supplier, Arco to broker the sale of its former 30,527 sq ft regional distribution unit on Portrack Industrial Estate, Stockton. A private investor has acquired the building and Cushman & Wakefield has been retained as letting agents.
Richard Scott, Partner in Cushman & Wakefield’s Logistics & Industrial team in Newcastle commented: “Both deals were completed at the asking rent/price following interest from several occupiers showing the continuing strong demand for modern, well located industrial premises in Teesside.”