Hopes of attracting a new large employer to South Tyneside are high as work starts on a £1.2m expansion of a contemporary, industrial property.
Property investors and developers, Avon Capital Estates (ACE), are filling what they see as a gap in the market by speculatively extending a 27,500 sq. ft industrial unit at Brooklands Way on Boldon Business Park, in Boldon, with a 20,000 sq.ft extension.
The large 47,500 sq.ft unit could create up to 50 new jobs and, given its close proximity to Nissan, may attract interest from an automotive supplier but is equally suitable for a range of other industrial and warehouse uses.
The construction is well underway and will be completed and available to lease by mid-December this year.
The property, which will comprise an open-plan factory/warehouse space with a two-storey office block and a dedicated yard and parking areas, has planning consent for B1, B2 and B8 uses, allowing maximum flexibility.
Several teams within Knight Frank Newcastle are delivering the scheme including the industrial team, led by Simon Haggie, which has advised ACE on the development and leasing and Knight Frank’s building consultancy team, headed by Ian Tew, which has been responsible for the design, procurement and project management of the building work.
Meldrum Construction won a competitive tender to carry out the construction works.
Simon Haggie, industrial property specialist and partner at Knight Frank Newcastle, said:
“This development is very positive news indeed for South Tyneside.
“Speculative industrial developments are badly needed in the North East to ease the shortage of modern industrial space and this is a size which is particularly scarce. So, we are pleased that ACE has had the boldness to push forward with this development.
“We have been with ACE every step of the way in terms of helping to shape the plans and maximise their assets and we are confident the property will attract strong interest from potential occupiers once extended”.
Puneet Vedhera, associate at Knight Frank, which is project managing the building works, added:
“A modern building with expansion land is a bit of a rarity so this building was ideally suited to enlargement and we have been able to procure it within the client’s budget, allowing it to be offered at a competitive rental. The proximity of the estate to the A19 and the on-site retail, leisure and hotel facilities, makes this an attractive proposition for any occupier.”
