Case Study: Gateway West industrial deal creates full occupancy and a chance to grow
Newcastle’s Gateway West is a 12 acre site at Newburn Riverside that we were able to acquire on behalf of Caddick Developments. Newburn Riverside is a premier business park, comprising 227 acres that are strategically located adjacent to the A1(M).
The site was marketed by One North East and we were able to provide advice that ensured Caddick were appointed as preferred developers for the multi-use site.
Our planning team was able to secure a detailed consent for 185,000sq ft of industrial and 53,000 sq ft of office accommodation. Prior to construction we were able to sell the whole scheme to CBRE Global Investors; this sale de-risked the development for Caddick and allowed them to make a healthy profit.
Our agency team was retained by CBRE Global Investors as letting agents on the scheme and in November 2014 the site was fully occupied following lettings to Equine Products Ltd and Vets Direct.
General manager of Equine Products, Enda Kelly said: “Gateway West is ideal for us. Around 60% of our business is done in international markets and the new offices’ proximity to Newcastle Airport, along with how great it looks, makes it an excellent site from which we can showcase our operations to clients old and new from around the world.”