The former De La Rue factory on Gateshead's Team Valley, once responsible for printing two billion bank notes every year for global currencies, is set to go under the hammer. The massive 10-acre site has lain empty for several years, having closed its doors in 2023, ending more than half a century of manufacturing.
Factory history and closure
Employing more than 600 staff at its peak, the factory printed currencies for more than 25 countries, as well as all UK passports, stamps, security tabs and other authentication products. The slow decline began in 2018 when the Home Office awarded the Government contract for printing UK passports to Franco-Dutch firm Gemalto, ending a 10-year contract for De La Rue. Ministers defended the decision, saying it would save taxpayers about £120 million. The move put at least 200 North East jobs at risk. The CEO at the time vowed to fight the decision, but De La Rue ultimately announced the end of printing on Tyneside in 2020. Around 250 jobs were eventually axed, though a small authentication operation remained at the site for several years.
Auction details
The business was acquired in July 2025 by a US private equity group and has since de-listed from the London Stock Exchange. The production facility at Kingsway South, Team Valley Trading Estate, is now set for auction by Savills on Wednesday, July 29. The plant is available on a long leasehold running from June 1964 until January 2049, with ground rent payable of £30,750 a year. The property comprises a substantial former printing factory of approximately 279,168 sqft on a site of approximately 10.40 acres. Marketing details highlight workshop and production areas, first floor office space, external storage, and parking for approximately 250 cars. The deal includes a 166,134 sqft production area, a workshop, over 23,000 sqft of office space, a plant room, canteen, locker room, external and internal storage, plus a portable building.
Interest and potential
With a guide price of £500,000, property agents say it represents one of the biggest development opportunities of its kind in the region. George Goucher of Savills commercial auctions said: “The former De La Rue site is one of the most significant industrial opportunities we have brought to auction in recent years. Comprising more than 280,000 sq ft of accommodation on a 10.4-acre site, it offers exceptional scale and flexibility within one of the North East’s premier industrial locations. Formerly used for currency and identification printing, the property offers extensive production, workshop and office accommodation, alongside substantial storage and parking provision. With a guide price equating to just £1.79 per sqft, we expect the lot to attract considerable interest ahead of the auction.”
