LGIM Real Assets (Legal & General) has recently completed two major lettings at Follingsby Business Park in Gateshead.
Following the largest pre-let in the North East for 10 years to Tor Coatings the latest tenants to sign up are IKEA Ltd and Serviced Dispense Equipment Ltd. The lettings total close to 100,000 sq ft and take the total amount of floor space let at the estate in 2017 to over 275,000 sq ft.
IKEA has taken a lease on Unit 11 and will be using it as a distribution hub to support their Gateshead store.
Serviced Dispense Equipment (SDE) has occupied Unit 17a. SDE specialises in the supply, installation and maintenance of beer and soft drinks dispense systems and is part of the Innserve Group which currently services over 80,000 licensed and non-licensed premises across England, Scotland and Wales
Follingsby Park is located in a strategic position on the A194 M and is widely regarded as the North East’s premier distribution location. The estate is managed by Legal & General Investment Management Real Assets (LGIM), on behalf of its UK Property Fund.
Matt Jarvis, Senior Fund Manager at LGIM Real Assets, said: “These high-quality lettings further demonstrate the success of our investment into Follingsby Park and active asset management initiatives.”
HTA Real Estate are joint letting agents with Cushman & Wakefield.
Emma Stainsby, Senior Surveyor at Cushman and Wakefield commented: “The lettings to IKEA and SDE demonstrates Follingsby Park as the ‘go to’ distribution location in the North East and the strength of demand for Grade A industrial units in the region.”
Richard Scott, Partner at Cushman & Wakefield added: “Legal & General has made substantial investment at Follingsby Park over the past 12 months including a significant upgrade to the power, leading to a record year in terms of floor space let with further lettings expected this year.”