Commercial property recovers
Published: 02 December, 2010
TYNE-AND-WEAR: There has been steady demand for prime industrial and office assets across the UK in the last two years, with the North East performing ahead of the market in recent months.
A recent bidding war saw the £6.9m price for prime North East industrial estate being exceeded.
The 177 000sqft Kingsway Industrial estate on the southern end of Team Valley industrial estate was put up for sale last month by the Legal & General pension fund which has owned the site for 20 years.
It currently provides a rental income of over £600 000 a year, with further potential annual earnings as four units are currently void.