A new £3.5m industrial park in Peterlee has opened following its completion by developers FI Real Estate Management (FIREM).
The 2.85 acre site of the former Gemini office block now boasts a range of units ranging from 5,400 sqft to 7,400 sqft across a total lettable space of 55,475 sqft. Works have been carried out by Lancashire-based FIREM's construction division in partnership with regional suppliers.
Tim Knowles, founder and managing director of FIREM, said: "Last year, the number of businesses based in Durham reached an all-time high at over 33,000 and this incredible economic growth must be supported by a supply of high quality and well connected commercial space.
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"We are very proud to launch Gemini Point to market, and to play our part in the county’s drive for growth. This development forms part of our wider investment in Durham, which over the coming years will see us continue to evolve our property portfolio to meet the changing needs of businesses."
Peter Rippingale, director of Inward Investment and Opportunities, Business Durham, added: "Gemini Point is a welcome addition to the market offering an excellent location for businesses. The investment made by FI Real Estate Management demonstrates confidence in the County Durham economy, and with the high demand for premises and the quality of the property on offer here, it’s likely to prove a popular option for a variety of businesses."
The completion of Gemini Point means FIREM has a portfolio of more than 10million sqft across the UK. It also manages 200,000 sqft of commercial space in Durham.
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