23 Apr 2018
M7 repositions Newcastle Industrial Estate with significant anchor letting at Benfield Business Park
London, 23 April 2018 – M7 Real Estate Ltd (“M7”), the pan-European, regional, multi-let real estate investor and asset manager, has recently completed a letting of circa 64,000 sq ft at Benfield Business Park, Newcastle on behalf of an in-house fund. Funshack, one of the North East’s most prominent leisure operators, has taken a 10 year lease.
When acquiring the property, M7 identified the opportunity to reposition a number of the larger units on the estate from industrial to leisure use to take advantage of the increasing leisure demand for inner city locations with good transport links and proximity to residential populations. The physical attributes of the units themselves were ideally suited to this change of use with excellent eaves heights and plentiful car parking within a park offering 24 hour security. The units were not suited to a modern industrial occupier due to the configuration and lack of yard space.
A targeted marketing campaign specifically seeking large leisure users was implemented. Funshack is expected to invest up to £1.3 million creating the biggest trampoline park in the North East and generating up to 100 jobs. The site will also host a play centre, laser tag arena, go karts, canon arena, a highropes course, Clip N Climb and a toddler village. The complex is located next to the Walkergate Metro station.
Euan Burns, Senior Asset Manager at M7 commented, “We are particularly pleased to have secured Funshack as a tenant. They will be investing significantly which will provide a fantastic site for their customers. The targeted marketing campaign was a success and we expect that many of the tenants on-site will gain from the increased profile and number of visitors to Benfield Business Park.”
Knight Frank acted for M7, Cottam and Co for Funshack.