Ward Group Investments (WGI) has acquired the 35-acre Tursdale Business Park in County Durham, with plans for a significant programme of investment to upgrade the site, enhance its commercial offer and improve estate management.
Located just off the A1 at Tursdale, five miles south of Durham city, the established industrial estate is home to 35 tenants and provides a diverse mix of workshops, factory units, high-bay warehouses and open storage land.
WGI plans to transform the estate through a programme of targeted demolition, refurbishment and the introduction of new, market-leading, open storage.
The investment will create a modern, high-quality commercial estate capable of meeting the needs of a broad range of industrial and logistics occupiers.
The acquisition takes WGI’s industrial property portfolio to over one-million sq. ft, strengthening its presence in the North East and adding a strategically located asset with significant scope for improvement and future growth.
The site, which was marketed for offers over £10m, was sold by joint agents Delta Capital Property Investment and Lewis & Partners on behalf of the vendor Eggerton Limited.
Andrew Ward, CEO at Ward Group Investments, commented:
“Tursdale has all the ingredients of a highly successful modern industrial estate – a strong location, an established occupier base and excellent access to the A1.
“What it needs now is investment, ambition and a clear long-term vision. We’re committing to all three and to establishing a dedicated, brand-new, operating company for Tursdale – giving the estate a clear identity and a focused management team with responsibility for driving its next phase of growth.
“Our plans go well beyond simply upgrading the existing buildings. We will invest in the estate, broaden its offer, introduce new facilities and create a modern, well-managed destination for industrial and commercial occupiers across the region.
“Reaching one million square feet in our industrial portfolio is a significant milestone for WGI and Tursdale represents an important step in the next phase of our growth. We see a real opportunity to establish Tursdale as one of the North East’s leading industrial locations.”