The Dukeries industrial site in Gateshead has been sold to UK Land for £7.5 million. The Team Valley Industrial Estate, of which the Dukeries forms part, spans more than seven million square feet. It also includes fifty acres in the development pipeline that are earmarked for additional prime industrial stock.
The wider estate has direct access to the A1. This allows rapid travel to the national motorway network, Newcastle city centre and Newcastle International Airport to the north. The Dukeries itself is a fully let four unit estate comprising two detached industrial units and two data centres.
The sale marks a notable change in ownership for a site that has been in the same hands since its development more than three decades ago.
Peter Atkinson, director in Savills Newcastle investment team, said: “It’s great to deliver the first sale of this estate since it was developed by our clients over three decades ago. It’s also very fitting that such an important piece of Team Valley was acquired by the freeholder, UK Land, which has exciting and ambitious plans to invest in and further drive the success of the wider Team Valley Estate.”
The transaction highlights ongoing demand for established industrial locations with strong transport links and active development pipelines.
