UK Land Estates is investing £8.5m into the creation of new industrial bases at two of its major business parks.
The property company is ploughing the multimillion-pound sum into creating space for companies looking for manufacturing or distribution facilities at Eighth Avenue East in Team Valley, Gateshead, and at Teesside Estate. Four new industrial units are taking shape in all, which will be open by summer, including a 35,000 sq ft speculative industrial building on the Team Valley.
Meanwhile, three smaller buildings ranging from 8,000 sq ft to 20,000 sq ft, designed for the same use, will also be marketed at the Stockton based industrial park. The buildings are due to be completed by the end of May. Tim Witty, development director at UK Land Estates (UKLE), said that bringing the units to the market was proof that the firm remains ambitious and proactive.
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He said: “We are always pleased to come forward with developments that enhance our business parks and bring a new offer to the market in the North East, which reflects the confidence and optimism that we still feel is very strong in the area. High specification new-builds, that are able to offer a level of efficiency that simply cannot be matched in refurbished accommodation, teamed with the many advantages of being based on our parks – from the excellent transport links we boast to the eco-systems we create – mean that we’re confident of attracting interest and investment in these new spaces.”
The units are all being developed for the same use, and each has the capability of operating at zero carbon emissions thanks to in-built power sources, as well as highly efficient lighting and heating.
Mr Witty added: “We’re working hard to drive down carbon emissions across our estates, be that through working with businesses on the park to retrofit their buildings or ensuring that the new developments we bring forward are as efficient as possible.”
The investment comes weeks after the company reacquired significant chunks of three North East industrial estates in a multimillion-pound deal. The landlord and developer, which now has about 600 tenants across its properties, has bought parts of North Tyneside’s New York Industrial Estate, Cramlington’s Nelson Park and Boldon Industrial Estate in an undisclosed deal.
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