PRD Transport & Warehouse Services has acquired a Darlington-based industrial unit, from subsea equipment supplier Subsea Innovation, to pave the way for its future expansion.
Purchasing Unit 3 Roundhouse Road, based at Faverdale Business Park, will allow family-run PRD, which specialises in haulage and transport solutions, to build on its 25 year heritage by owning its own premises.
HTA Real Estate was responsible for completing the undisclosed deal on behalf of Subsea Innovation, which designs and manufactures equipment for offshore energy sectors.
Meanwhile, Stockton-based Connect Property North East completed the acquisition of the property on behalf of PRD as part of their expansion, which will provide the business with additional space to complement its existing 10,000sqft warehouse in Newton Aycliffe.
Dianne Lodge, MD at PRD Transport, explained: “We have been looking to buy a property for a few years now and this opportunity came at just the right time. Acquiring our own premises gives the business greater long-term security and means we have room for future expansion.“ Russell Taylor,
Director at HTA Real Estate, said: “We received a high level of interest in the unit from a wide variety of businesses, which was down to the strength of the location, the quality of the accommodation and also a lack of similar opportunities on the market.
“The fact that it went to final and best bids demonstrates the continued strength of the region’s industrial market, particularly demand for good quality, modern, freehold units, which are in short supply.“
Phil Heathcock, FD at Subsea Innovation, added: “Following a period of sustained growth we relocated to a new property which is double the size of our previous facility. HTA Real Estate executed a thorough and extensive marketing campaign of our former premises which garnered significant interest and we are delighted with the results.“