Broadoak have advised Waypoint Asset Management in respect of the £4.85M pre-funding and acquisition of Station Place at Merchant Park Newton Aycliffe for the Waypoint Government Income Fund.
Station Place will comprise 50,333 sqft of new industrial accommodation within two terraces, sub-divided to provide 10 individual units with shared yard space set over 2.5 acres.
Broadoak’s Jonathan Sykes commented that “this innovative funding structure is a fantastic example of the public and private sectors working together to provide much needed, high quality new stock which will help sustain jobs growth at this key location.”
Station Place is being developed by Merchant Anglo and will form the latest phase of their 65 acre Merchant Park development which includes the 460,000 sqft Hitachi Rail manufacturing facility. Durham County Council have signed up to a 35 year lease over the new scheme and will sub-let the units to individual occupiers.
Construction has started on site with strong demand from occupiers in anticipation of completion in Spring next year.