Leading property consultancy Commercial Property Partners LLP (CPP) has completed the sale of a modern warehouse to Coalfield Regeneration Trust on behalf of Addington Capital, the property investment and asset management specialists.
Located in the well-established Nelson Park Industrial Estate in Cramlington, 76 Colbourne Avenue sits eight miles North of Newcastle with access to the A19 and A1.
The property comprises of a high-quality industrial unit, which incorporates two-storey office space, a fitted mezzanine and a number of individual workshop and storage areas, a service yard and dedicated parking spaces are also provided.
The site benefits from excellent local amenities, being located next to the recently extended Westmorland Retail Park, which is home to local and national retailers including Curry’s PC World, M&S, Sainsbury’s and Asda.
Addington acquired the property in 2016 and has since agreed a lease renewal for a further 10 years to a reputable covenant.
Coalfields Regeneration Trust, who purchased the building, is a company who invest in commercial space and develop properties to help address the lack of available commercial property within coalfield communities.
Richard Wright, Partner at CPP said: “I’m very pleased to have successfully disposed of this property, the unit is well connected and is located in a recognised and prosperous industrial location. It was pleasing to see such good levels of interest.”