Since the beginning of 2017, M&G Real Estate has completed 115,900 sq ft of lettings on Aycliffe Business Park, taking the asset to 90.65% occupancy.
Having acquired the 677,000 sq ft site in 2013, over half a million square feet has been let in 51 deals.
The year included the letting of space at three key properties on the site, including 23,500 sq ft to the Centre for Process Innovation on Durham Way South, 15,000 sq ft to Schlegel on Redworth Way and 48,250 sq ft to PWS Distributors at Central Park. The site is managed by M7 Real Estate.
M&G Real Estate acquired the 677,000 sq ft site in 2013, and 51 deals over the past four years have resulted in the letting of over 589,000 sq ft.
David Crowley, Director, Logistics and Industrial Asset Management and Leasing at M&G Real Estate, said: “The revitalisation of Aycliffe Business Park underlines the success of M&G Real Estate’s investment strategy of acquiring assets with strong fundamentals, particularly with excellent accessibility, high quality existing tenants and potential for growth.
“The race for shed space means the importance of creating value at existing assets has never been greater.
“Our relationship with M7 Real Estate and subsequent asset management initiatives have resulted in decreasing void rates and continued rental growth.”
Sadie Fitzpatrick, Asset Manager at M7 Real Estate, added: “By working in partnership with M&G Real Estate, we have successfully executed our active asset management strategy and delivered a material improvement in the occupancy of this asset.
“We expect further tightening of supply to continue for well refurbished space on Aycliffe Business Park and along the A1 corridor which should lead to further rental growth.”
Connect Property North East and JLL act for the landlord.