A County Durham property investment group has snapped up a major industrial site in a multimillion-pound deal.
Ward Group Investments, which is headed up by entrepreneur Andrew Ward, has purchased four buildings on Bowburn North Industrial Estate which had been on the market with a £4.5m price tag. Comprising a total of 200,343 sq ft of workspace, the four units are next to the A1(M) and sit close to the new Integra 61 development, home to Amazon’s Durham fulfilment centre.
Three of the four buildings are already let, with PC Henderson Limited, Katem Logistics and Personal Hygiene Services Ltd all having operated from the estate for over five years. The fourth unit, Unit 2, stands vacant, but the team at Ward Group Investments are confident that, once refurbished, it will offer an appealing proposition to businesses seeking to capitalise on the area’s growing reputation for last mile logistics.
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Mr Ward said: “We are delighted to have closed this deal. Over the past two years, we’ve grown our portfolio significantly with a number of strategic acquisitions across the UK and the UAE and this is yet another high-quality development to add to our ever-growing list. The North East and particularly County Durham are perfectly placed for businesses seeking to capitalise on the growing demand for last mile logistics and investment opportunities don’t get much better than this.
“It’s perfectly placed adjacent to the A1, provides access to a skilled workforce and offers some of the most competitive business rates in the UK, it’s absolutely perfect.”
Mr Ward set up Ward Group Investments in 2021 following the £50m sale of his previous business, Workwear Express, which he had launched with little more than a sewing machine and one van, to global giant Bunzl. The firm invests in a diverse range of properties including industrial, retail, office, leisure and student accommodation across the North East and overseas.
Property agency Bradley Hall advised Ward Group Investments on the purchase of the site and helped get the deal over the line.
Peter Bartley, group director at Bradley Hall, added: “The purchase demonstrates just how high confidence is among investors when it comes to the region’s commercial property market. The vendors had numerous regional and international buyers for this estate, but our intimate knowledge of the area and sector helps us secure this for Andrew. We are delighted to have advised Ward Group Investments on the acquisition and we are confident that there will be yet more exciting investments from the team to follow.”
Mr Ward added: “Our strategic approach to investing has been key in helping us build a really sustainable and effective portfolio which is active in almost every sector, from leisure to retail, office, student residential and industrial property.
“This has seen us invest in a whole host of projects across the region, from the Three Tuns student residential project in Durham to Newcastle’s Union Rooms and numerous industrial and office schemes, as well as a number of schemes in the UAE. And with an investment portfolio now worth in excess of £100m, we’re confident that there will be more to follow on the back of the Bowburn deal as we plan to grow substantially in the years to come.”
Nick Bramwell, associate in the industrial and logistics investment team at Savills Newcastle, acted on behalf of the seller during the acquisition by Ward Group Investments.
He said: “We are delighted to have secured the sale of Bowburn North Industrial Estate for our clients following a highly competitive bidding process. We received significant national interest in this asset, achieving a figure in excess of the asking price, further demonstrating the appetite for reversionary opportunities of this nature in the North East.”
