Commercial property leader UK Land Estates has acquired two major properties on its flagship Team Valley Trading Estate.
The recent deals – both seven-figure sums – include the purchase of a 25,000 sq ft. unit on Dukesway, and a 23,167 sq ft. unit on Princesway.
Decorative surfaces distributor IDS occupies the Dukesway unit, where it employs 37 people. The firm has reported strong trading following lockdown and consumer focus on home improvements, and at the beginning of the year it expanded its home delivery function.
IDS provides products such as worktops, flooring, and wall panelling and describes its Team Valley operation as a thriving business.
Meanwhile, the Princesway unit is occupied by AIM-listed security technology specialist Petards, which develops products used in the transport and defence sectors.
The AIM-listed firm counts organisations such as Bombardier and Northamptonshire Police among its client roster.
Phil Moorin, investment director at UK Land Estates, said: “These two acquisitions further strengthen UK Land Estates’ portfolio, which is among the biggest and highest quality in the North East.
“Both IDS and Petards are strong businesses with reputations they’ve built from Team Valley Trading Estate, having benefited from excellent connectivity and amenities nearby.
“We’ll continue to invest in our estates and properties, including these two, so that our occupiers have the right facilities from which to grow.”