First letting secured for speculative development Axis 19
The first letting at The Northumberland Estate’s £12 million speculative industrial development, Axis 19, has been secured.
AIS (Advanced Industrial Solutions), who deliver specialist training for the offshore oil & gas, wind energy and industrial sectors, has agreed to a 15 year lease on the first phase of development, which will provide them with a 28,000sqft industrial unit to cater for their expanding operations.
The Northumberland Estates announced last December that it had received the go-ahead to develop the region’s largest speculative industrial development in over 8 years at the Tyne Tunnel Trading Estate in North Tyneside, expected to create in the region of 200 jobs.
Michael O’Driscoll of The Northumberland Estates said; “Hot on the heels of the steelworks becoming visible on site AIS showed a keen interest in the development. The speed with which this letting was agreed clearly demonstrates the strength of the local market and attractiveness of the scheme. Located close to the A19 and just minutes from the Tyne Tunnels and Port of Tyne, Axis 19 provides excellent connectivity for occupiers.”
Upon completion Axis 19 will provide up to eight Grade A industrial/warehouse units with sizes ranging from 14,000sqft to 80,000sqft. The development will cater for the region’s rising demand for larger industrial units and will appeal to a variety of occupiers including manufacturing, logistics and engineering as well as offshore.
Naylors’ head of industrial agency, Keith Stewart said: “We are delighted the first letting been secured at Axis 19. From the outset we identified the offshore sector as a primary target for this scheme given its location in North Tyneside, which is fast becoming an offshore hub. In light of the severe lack of Grade A industrial space in the region we are not at all surprised by how quickly this first phase of development has been snapped up, and we anticipate the second phase will be equally well received.”
AIS, who already lease a number of units from The Northumberland Estates, have state-of-the-art training facilities at Orion Business Park on the Tyne Tunnel Trading Estate, including a specially built underwater tank, a hotel for training operatives and high platform training. The new premises will allow them to expand their operations considerably in the coming years.
Practical completion of the first phase of development is expected this week and construction of the second phase is due to start in early 2016. HTA are joint letting agents on the scheme alongside Naylors.