UK Land Estates has acquired more than 275,000 sq ft of industrial space at Team Valley Trading Estate, expanding its holdings at the site and bringing its total investment in the North East to over £80m for 2025.
The purchase of 22 multi-let units, including premises at Princes Park and The Dukeries near Retail World, takes the company’s occupational portfolio at Team Valley to over 1.9 million sq ft.
David Gibbs, property director at UK Land Estates, said: “Our strategy is to continue developing on our core estates and providing modern facilities for a range of businesses, whilst also acquiring long leasehold properties on our freehold, which provide day-one income in good quality buildings.
“Over the past few years, we have invested significantly in expanding our portfolio through the re-acquisition of large swathes of New York Industrial Estate, Nelson Park, and Boldon Industrial Estate and this deal further builds on that.
“Alongside our ongoing new-build and refurbishment projects across the region, it will significantly bolster our portfolio and ensure we are able to continue providing the best possible service to our customers long into the future.”
The company, which also owns the wider freehold of Team Valley, is able to make swift property acquisitions and develop new sites.
The latest deal follows a March announcement of plans to invest over £35million in the region over the next two years.
That figure has already more than doubled inside just eight months, and Mr Gibbs said there could be further investment to come.
He said: “While there remains a fair amount of uncertainty in the market, one thing we do know for certain, having witnessed it first-hand, is that the North East remains a destination of choice for businesses from across the globe seeking to grow.”
Mr Gibbs said UK Land Estates has continued to pursue speculative development during 2025, with construction nearly complete on a 65,000 sq ft high-bay unit at Centralway on Team Valley and “advanced interest” from occupiers before completion.
He said: “This underpins our approach of drip-feeding quality stock into the market, whilst investing in our core assets through refurbishment and acquisition.
“The business is also nearing the point of starting works on Kingsway North, which will provide yet more quality space into the market, as well as two pre-lets to firms which are household names.”
Looking to the future, Mr Gibbs said the company remains committed to expanding its North East presence.