Naylors appointed on landmark A1 industrial scheme
November 2014
Naylors have been appointed as letting agent on Gateshead’s first speculative industrial development in six years.
The £7 million development, Portobello Trade Park, will provide 15 high quality light industrial units specifically for SME’s, ranging in size from 2,100sqft to 23,000sqft. Once fully occupied the park is expected to support around 244 jobs, in addition to the 200 jobs which are being supported during the construction phase.
The construction of the Trade Park is now underway with an intensive groundworks programme allowing contractors, Robertson Construction, to commence steelwork ahead of schedule.
Geoff Clark, development manager at Ravensworth said: “It’s great to see the new development coming out of the ground and starting to take shape. The steel frame, which is highly visible from the A1(M) at Birtley, is an encouraging sign of the return of speculative industrial development to the North East.”
Ravensworth have appointed Naylors alongside HTA Real Estate, who have reported significant interest in the units.
Keith Stewart, head of industrial agency at Naylors said: “We have received a high level of interest in the scheme so far and a significant increase in enquiries since the steelwork has become visible on site. Interest is primarily coming from trade counter occupiers and distribution businesses, who are attracted by the highly prominent location. We have issued terms to a few parties and hope to achieve the first pre-let in early 2015.”
The development has been partially funded by The North East Local Enterprise Partnership, who agreed to provide a £982,000 loan from the Growing Places North East Investment Fund, the scheme has also received £2.75 million from the European Regional Development Fund.
It was recently announced that Gateshead-based Robertson Construction won the contract to build the trade park, which is due to be ready for occupation in June next year.