Case StudiesLetting of industrial premises at Lisburn Terrace, Sunderland

Letting of industrial premises at Lisburn Terrace, Sunderland

In February 2017, the industrial agency department was appointed to sell or lease, premises located at Lisburn Terrace in Sunderland.

The property comprised of a 1.25 acre secure industrial site with two derelict warehouses (East and West).

The West warehouse extended to 10,410 sq ft and whilst fire damaged, was still useable if minor works were carried out.

The East warehouse extended to 21,213 sq ft but had no roof and asbestos sheeting, so required total redevelopment or demolition.

The site was suitable for a range of industrial uses, either in its current form or if the buildings were demolished.

We marketed the premises by inviting offers in the region of £295,000 for the freehold interest of the entire site.

Alternatively, the West warehouse was available separately for £195,000 with the East section available for £125,000. The site was also made available for rent at £30,000 per annum.

After a number of enquiries, a sale of the whole site was agreed in November 2017 but unfortunately this transaction did not proceed.

However, the site was brought back to market and a new tenant was quickly secured in January 2018. A lease with option to purchase was agreed with the new tenant taking occupation at the beginning of February 2018.

The new tenant intends to use the site for storage of their plant and HGVs whilst also carrying out some minor redevelopment works.