HTA Real Estate has completed the sale of a 20,000 sqft industrial unit at Faverdale Business Park in Darlington on behalf of Subsea Innovation.
Unit 3 Roundhouse Road has been acquired by PRD Transport & Warehouse Services, after it went to best and final bids.
HTA Real Estate was appointed by Subsea Innovation, who are designers and manufacturers of equipment for the offshore energy sectors, to market the building following the successful opening of their new, purpose-built 40,000sqft facility, also on Faverdale Industrial Estate.
Russell Taylor, director at HTA Real Estate, who built the Faverdale scheme when he worked at Easter Developments said: “We received a high level of interest in the unit from a wide variety of businesses, which was down to the strength of the location, the quality of the accommodation and also a lack of similar opportunities on the market. The fact that it went to final and best bids demonstrates the continued strength of the region’s industrial market, particularly demand for good quality, modern, freehold units, which are in short supply.”
Phil Heathcock, finance director at Subsea Innovation added: “Following a period of sustained growth we relocated to a new property which is double the size of our previous facility. HTA Real Estate executed a thorough and extensive marketing campaign of our former premises which garnered significant interest and we are delighted with the results.”
Stockton-based Connect Property North East completed the acquisition of the property on behalf of PRD as part of their expansion, which will provide the business with additional space to complement its existing 10,000sqft warehouse in Newton Aycliffe.
PRD, which specialises in haulage and transport solutions, is a well-established, family run business which has been in operation for over 25 years, the new acquisition will take their total warehouse space to 30,000sqft.
Dianne Lodge, managing director at PRD Transport said: “We have been looking to buy a property for a few years now and this opportunity came at just the right time. Acquiring our own premises gives the business greater long-term security and means we have room for future expansion.”
The property, which was constructed in 2006, is a detached modern unit with high quality offices and reception area, a dedicated service yard and 46 car parking spaces. Surrounding occupiers on the business park include Argos, Aldi and Capita Business Services.