Huge north eastern site for sale

A 3,267,000 sq ft site on the banks of the River Tyne is being sold through property consultant Avison Young for £15 million.

The site consists of 461,128 sq ft of high quality industrial, warehouse and office accommodation providing a very low site coverage of 14.15%.

The property is currently used as a manufacturing and assembly yard for jacket foundations for use in offshore wind turbines, a growing alternative energy sector. The site has previously been used for the offshore oil and gas industry.

Alternative potential uses could include industrial or commercial storage.

The site has unique facilities including 1km of waterfront, a 1,089,000 sq ft reinforced concrete assembly pad and a yard power capacity of 5MvA through 10 substations.

At present the property is let to Smulders Projects UK which has recently renewed its lease for a further 2 years, contracted out from 7 January 2019 at a passing rent of £1,500,000 per annum.

The site is owned by Shepard Offshore.