Importer and distributor of packaging products Magnum Packaging has taken a 280,000 sq ft industrial complex on Cowpen Lane Industrial Estate formerly occupied by Sims Recycling.
The property comprises of two large industrial units on a site of 11.17 acres. It was purchased from real estate investment management firm Vengrove for an undisclosed sum.
The site was previously occupied by Sims Recycling Solutions. Cushman & Wakefield negotiated a surrender of its lease in conjunction with a back to back sale of the freehold to Magnum.
Cushman & Wakefield Logistics & Industrial partner in team in Newcastle Richard Scott said: “We are delighted to have completed the disposal of this building to Magnum Packaging. This was a complex deal involving three parties which was successfully completed within five weeks and has allowed Sims to significantly reduce their costs and relocate to more suitable premises.”