Northern Trust builds up Cramlington ownership
The developer and investor has paid £5m to acquire South Nelson Industrial Estate, a multi-let 46,700 sq ft asset adjacent to its existing Nelson Park holding.
South Nelson Industrial Estate is made up of 33 units. The deal takes Lancashire firm Northern Trust’s Cramlington ownership to around 300,000 sq ft across 100 industrial units, and further strengthens its presence in the North East industrial market.
South Nelson offers spaces of 564 sq ft up to 4,278 sq ft and is home to a mix of well-established businesses.
Tom Parkinson, director at Northern Trust, described the firm’s new asset as “a valuable addition to our portfolio”.
He continued: “This strategic acquisition not only strengthens our presence in Cramlington but also enhances our ability to meet the growing demand for quality industrial space in the area.”
Naylors Gavin Black advised Northern Trust on the deal. Partner Chris Donabie said: “We identified that the industrial asset had potential to complement Northern Trust’s nearby Nelson Park Industrial Estate and managed to secure it in an off-market deal.”
UK-wide, Northern Trust’s current portfolio extends to 9m sq ft in more than 4,000 units.
