Fri, 09 Apr 2021 | COMMERCIAL PROPERTY
The former Washington base of international car parts manufacturing group Gestamp is up for sale for £6.5 million. The commercial property covers approximately 140,781 sq ft and is set within a site of around 11.4 acres.
The site was built approximately 20 years ago and, in addition to the main warehouse area, features a two-storey office, canteen, eight-man lift and welfare facilities. The exterior of the warehouse has a 116-space car park, circulation and loading areas and an access road that runs around the entire property.
The site is well located in Washington’s commercial quarter and is close to several other prominent businesses. It is accessed directly from Rutherford Road via a secure entrance with a security hut, while there is also easy access to the nearby A1.
The property comes on the market after Gestamp wound down its operations in the area following the decision to move production to its Newton Aycliffe manufacturing site. The £6.5m auction is being led by Halls Commercial Property.
James Evans of Halls Commercial Property said: “The property offers the opportunity to acquire a relatively modern commercial property benefiting from good accessibility to the main road networks and will be of interest for owner occupation and investment purposes.”
“The potential of the property can only really be appreciated by carrying out an inspection of the property, but we do have a video available of the property to assist people considering this opportunity.”
Evans said that Halls is confident of being able to find the right buyer for the site relatively quickly, describing the commercial property market as “booming in this quarter”. He added: "The property is in a sector that is showing strong growth and comes off the back of our practice selling similar commercial sites in Ilkeston, Manchester and Shrewsbury in the last 12 months.”
Another major North East commercial property auction has seen Sage's former Newcastle HQ put on the market.
Find out more about conducting property due diligence and other M&A activity remotely during the COVID-19 pandemic.
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