The former Union Electric Steel factory in Gateshead town centre has been put up for sale by the administrators.
The facility is situated on a 10.2-acre site at the corner of Park Lane and Felling Bypass to the east of the town centre,
The site provides more than 288,000 sq ft of accommodation across several substantial purpose-built industrial buildings arranged in nine bays, with multiple floor levels throughout, alongside office accommodation across two floors.
The site is not safeguarded for employment-only usage and mixed-uses, including residential development, are supported, subject to planning.
The steel business was placed into administration by its US owners and Avison Young has been appointed to market the opportunity. The firm is inviting offers for the freehold interest in the site, which is sold with full vacant possession. Interested parties may also submit separate offers for the plant and machinery.
Mark McKelvey, director at Avison Young, said: “This is one of the most significant redevelopment opportunities to come forward in Gateshead in recent years. Its scale, connectivity and proximity to major regeneration projects give it the potential to deliver real long-term value for the town and the wider region. The site’s flexibility means it can support a range of potential uses, and we believe it could play a pivotal role in shaping the next phase of Gateshead’s growth. We are already seeing strong interest from a wide range of developers and we anticipate high demand as the site moves through the marketing process.”
