Citivale, the leading Yorkshire-based property developer and asset manager, is on course to complete eight office deals at Falcon Court, Stockton-on-Tees, within 12 months.
The combined office space sold or leased is more than 50,000 sq ft.
Peter Evans of Citivale said: “We are very proud of the success we have achieved at Falcon Court as asset managers on behalf of the private landlord. Falcon Court has proved an extremely popular location for a wide range of owner-occupiers.”
Falcon Court is an integral part of the established and popular Preston Farm Business Park by the A66. It forms one of the main business locations for the Teesside conurbation and houses a number of local, national and international occupiers.
Overall the office pavilion park comprises 33 self-contained business units, ranging from 1,000 sq ft to 10,000 sq ft covering more than 200,000 sq ft.
The eight deals include: The sale of the 5,000 sq ft Unit 2 to Robert Simpsons Property Consultancy; the sale of Unit 8, comprising 4,874 sq ft, to HMH Civils; and the sale of the 10,575 sq ft Unit 17 to Jacksons Solicitors.
Peter Evans explained: “In addition to these three sales we have five units, totalling 30,000 sq ft of office space, under offer. Four of these are sales and one a lease. All these deals should complete by the end of next month. That will mean we have brokered eight deals in a year.
“When we took over as asset managers at Falcon Court, half the park was empty. Our aim was to rectify this as quickly as possible and re-gear the existing tenant leases as well as rebranding and refurbishing the estate. So far we are absolutely delighted that we have achieved these objectives.”
Tim Carter, of Stockton-based property consultants Connect Property North East, who are marketing Falcon Court on behalf of Citivale, commented: “Citivale have had an enormous impact on the renaissance and regeneration of Falcon Court, transforming it into one of the premier office locations for owner-occupiers in the North East.
“To complete eight deals in a year is an excellent achievement. Falcon Court has always had potential, given its location, quality of units, facilities on site and extensive car parking. The combination of all these factors make it especially appealing to owner-occupiers, who view the acquisition of a quality unit there as a sound investment. Competitive rents of £8 per sq ft make it an attractive lease option, too.
“Citivale has harnessed this potential, with a rebrand and refurbishment, combined with pro-active asset management. Falcon Court is now a tremendous success story and Citivale must take enormous credit for this.”
