Speculative trade park development gets underway on Team Valley
The Team Valley’s first speculative SME development in 8 years has started on site and is expected to create 50 jobs. Earlsway Trade Park, a 22,000sqft development of trade counter/workshop units, is being brought forward by The Northumberland Estates.
Naylors has been appointed as letting agent on the £1.6 million scheme, which will provide nine trade counter units ranging from 1,905sqft to 3,270Sqft. The units are spread over two terraces and can be combined to accommodate larger requirements.
Head of industrial agency at Naylors, Keith Stewart, said: “Team Valley and the surrounding area is in desperate need of new, smaller-scale commercial space for SME and trade counter occupiers. This development will certainly help to address the limited supply within this area, however further development of this nature will be needed to fulfil ongoing demand across the North East. We anticipate a high level interest in the scheme from the outset and hope to secure a pre-let by early 2016.”
The Northumberland Estates received planning permission for the development from Gateshead Council in summer 2015 and have appointed Robertson as main contractor. Construction works include the demolition of existing buildings on the site where steelworks are now visible. Practical completion is scheduled for 9 May 2016.
The Earlsway Trade Park site is located at the Northern end of the Team Valley and was acquired by The Northumberland Estates from UK Land Estates in 2014 as part of a larger strategic portfolio. Nearby occupiers include EuroCar Parts, ATS, EuroMaster, Flowserve and Crosslings.
The surrounding area has benefitted from significant investment in recent years with the arrival of Maingate with its abundance of amenities including O’Briens, Greggs, HSBC and Gymetc as well as The Premier Inn and Valley Farm Restaurant, both of which are close by.
Michael O’Driscoll of The Northumberland Estates said: “We are building on the trade park uses of surrounding schemes including the likes of Bamburgh and Craster Court. The units themselves have been designed to fill a void in the market and initial interest occupier levels certainly support this with a number of negotiations already underway.”
This good news follows the recent announcement that The Northumberland Estates has let the first phase of its £12m speculative industrial scheme, Axis 19, in North Tyneside to Advanced Industrial Solutions (AIS).
Upon completion Axis 19, which is also being marketed by Naylors, will provide up to eight Grade A industrial/warehouse units ranging from 14,000sqft to 80,000sqft, to cater for the region’s rising demand for larger industrial units.