Newcastle-based Naylors has recently concluded a number of lettings on the site, where it is seeing new rental levels being achieved as a result of high levels of occupier demand and limited availability.
At Kingsway Interchange, which is owned by UK Land Estates, it has attracted plastics specialist, Pro Fix Installations who have signed up to a 8,500 sq ft unit, which will see the business relocate from Blaydon in order to target new business and accommodate its expansion. The letting follows similar transactions on the scheme in 2015 with Howden Joinery and Doherty Group.
Kingsway Interchange comprises 23 units at the southern end of Team Valley ranging in size from 3,000 to 21,500 sq ft. Naylors' industrial agency team have been involved with lettings on the scheme since the late eighties and have handled buildings on behalf of a number of different owners of the site over the past 30 years.
Keith Stewart, a director at Naylors, said: “We continue to see a strong level of demand for good quality industrial property on Team Valley and are very pleased to have secured these lettings on behalf of UK Land Estates.
“Rental levels for industrial property of this type is now at its highest on the estate since the downturn, achieving in excess of £6 per sq ft. The new industrial development that is taking place on the estate in 2016 will help to grow this further.”
Elsewhere on Team Valley, Edmundson Electrical has signed a new 10 year lease on an 11,000 sq ft unit at Foster Court. The firm has downsized from its previous premises, also on Team Valley, and has chosen Foster Court in order to secure a more modern, detached building with its own dedicated yard and parking.