Only one unit remaining at North Tyneside scheme
Property agents have reported a spate of lettings at a North Tyneside industrial park which leaves only one unit remaining.
Acting on behalf of property development company, Hellens Group, joint letting agents Naylors and Bilfinger GVA have secured a number of new tenants at Larch Court, West Chirton, North Shields, which has resulted in 16 of the 17 units being occupied.
The speculatively built industrial and warehouse scheme, which completed last July, comprises a total of 35,000sqft with individual units ranging from 1,500sqft to 3,000sqft. The latest tenants to sign up to the scheme include Vreo Innovation, ChipsAway and RS Classic Cars.
Keith Stewart, head of industrial agency at Naylors said: “Larch Court has been a major success, the scheme’s popularity has exceeded our expectations. The speed with which it has filled up demonstrates the strong demand for good quality, small to medium sized industrial space for SME’s in the North Tyneside area. The North East needs further schemes of this nature to address the diminishing industrial stock and ongoing shortage of new development.”
Hellens Group received financial assistance from the European Regional Development Fund and the NELEP’s North East Investment Fund which enabled the scheme to go ahead.
Gavin Cordwell Smith, managing director of Hellens Group said: “We are very pleased to have been able to bring forward North Tyneside’s first speculative industrial development since 2007. Receiving funding assistance was key to the project’s realisation and we are grateful for this support. We are delighted that the scheme is almost fully occupied and has provided much needed high quality workspace for new and growing business in the local area.”
Danny Cramman of Bilfinger GVA added ‘The high level of interest in the units has proved there is a pent up demand for good quality product, hopefully the success of the scheme will encourage more speculative development in the region. We are currently talking to several parties who want to take the last unit and it’s likely the scheme will be at full occupancy before the New Year.’