Leeds-based property developer and investor, Eshton Group, has completed the purchase of Unit 6 Parkhead in Stanley, County Durham, for an undisclosed sum, adding another industrial asset to its growing investment portfolio.
Located on the established Greencroft Industrial Estate, the property comprises 29,534 sq ft of warehouse, office and specialist laboratory and testing space, set within a three-acre site.
The property is occupied by Chemtech Environmental Limited, a leading soil and environmental testing company, which operates the site as its largest UK facility. The building includes high-specification, UKAS-accredited testing facilities alongside warehouse and office accommodation, and as part of the sale and leaseback agreement, Chemtech has taken a new 10-year lease on the property.
Positioned approximately 10 miles south-west of Newcastle upon Tyne and nine miles west of Durham, the site benefits from strong regional connectivity, with the A693 providing access to the A1(M) and the wider North East road network.
The acquisition follows Eshton Group’s recent purchase of a 57,921 sq ft warehouse unit at Kingston International Business Park in Hull, let to IPL Plastics (UK) Limited. It is the latest in a series of deals as the company continues to build out its industrial investment portfolio across key locations in the North of England.
David Singleton, director at Eshton Group, said: “Unit 6 Parkhead is a strong fit for our portfolio – a well-established occupier on a long-term lease, in a location with excellent connectivity into the North East network. Deals like this, alongside our recent acquisition in Hull, reflect the kind of carefully considered, income-secure acquisitions we’re targeting as we continue to build out our industrial holdings.”