Food packaging manufacturer Scholle Europe has taken REIT Asset Management’s 40,517 sq ft warehouse at the Follingsby Park warehousing development in Gateshead.
The building has been taken on a ten-year lease with a five-year break, at a rent equivalent to £209,230 per year. The company is relocating to a new unit at Follingsby Park from a 1930s factory on Team Valley. The new high-tech facilities will improve efficiency and safeguard 61 jobs in Gateshead.
Acquired by REIT Asset Management in August 2007, Follingsby Park is a 110-acre industrial and distribution park with over 1,000,000 sq ft currently developed. There remains another 200,000 sq ft immediately available with units from 5,500 sq ft to 60,000 sq ft.