UK Land Estates is spending over £5million on a battery of improvement projects at Boldon Business Par to ensure it ‘meets the needs of tomorrow’s businesses.’
The crux of the investment includes £4million to transform two vacant, 70,000sq ft and 50,000 sq ft units into modern industrial and distribution hubs.
The project, which will ensure the buildings meet the most stringent of environmental standards, will give new purpose to the previously dilapidated structures.
Other projects include improving the environmental credentials of existing buildings and making the estates great places to work through landscaping and infrastructure improvements.
David Gibbs, commercial director at UK Land Estates, said: “Boldon Business Park has long been recognised as one of South Tyneside’s most sought-after business addresses, so we’re delighted that these improvement projects have all been approved and are now underway.
“Over the coming months, the projects will see new life breathed into two vacant units which have stood empty for a period of time while the former owner consolidated its operations. The investment provides much needed quality stock into the market, where there is still constricted supply.”
The investment follows the reacquisition of swathes of land and units at Boldon Business Park last year.
Since then, five new businesses have relocated to the estate, and with more upgrades in the pipeline, the company is confident that 2024 will be another bumper year for the estate.
David added: “We made a commitment when we re-purchased the bulk of Boldon Business Park last year that we would invest heavily into futureproofing the estate and this is a great example of how we’re delivering on that promise.
“We’ve taken what was a disused, neglected building and are transforming it into a modern-day workspace that meets the most stringent of environmental standards and will provide yet more jobs for local people.”
Cllr Margaret Meling, Lead Member for Economic Growth and Transport, said: “This is fantastic news for the Borough and will build on the recent investment into the park to provide further high-quality, sustainable business space.
“Boldon Business Park is in a prime location and we look forward to welcoming more new tenants.”
Naylors Gavin Black and Knight Frank are responsible for the majority of lettings at Boldon Business Park.
Keith Stewart, partner at Naylors Gavin Black, said: “Despite challenging economic conditions, there is still a healthy demand from occupiers across all sectors looking to secure high-quality units of 50,000sq ft and above.
“UK Land Estates is doing an astute job of putting investment in the right places to encourage regional growth and given the interest we have had in the units so far, we don’t expect these two newly refurbished properties to be on the market for long.”
Mark Proudlock, partner at Knight Frank, said: “This major investment will bring much-needed, upgraded industrial stock to an under-supplied market.
“We are already experiencing strong interest from manufacturing and logistics companies seeking to take advantage of proximity to the A19, Port of Tyne and the thriving manufacturing sector which extends across South Tyneside and Sunderland.”