The latest upgrade to the Tyne Tunnel Trading Estate – part of a £35m annual upgrade to North East business space – is complete and ready for market.
UK Land Estates, one of the region’s largest property developers and landlords, broke ground on the vast “L7” development – a 73,000sqft of hi-spec industrial and distribution space – last summer, as part of a £35m investment programme across its regional business space portfolio.
The ambitious £6.35m project is a huge speculative build a short hop from Silverlink, A19 and Tyne Tunnel. Constructed to the highest possible standards, L7 has secured an EPC A-rating, with a rooftop photovoltaic array, energy-efficient cladding to retain heat driving down carbon emissions, and spaces for several electric vehicles.
Brandon Bailey, projects director at UK Land Estates, said: “With a shortage of vacant, high-quality industrial space across the UK, we do not see L7 as a risk. In fact, we are really looking forward to bringing it to market as we expect a great deal of interest.
“It’s one of a number of projects underway that is strengthening our portfolio, but particularly at the Tyne Tunnel Estate, where we are investing £11m in L7, the recent completion of the refurbishment of the former JTF Discount Warehouse building, several smaller C-units and we recently started refurb of another large industrial unit on the site.”
Construction of L7 has been led by STP Construction Limited. Focused on creating benefit to the regional economy, local suppliers were sought for a number of elements of the project, with contracts delivered by Thompsons of Prudhoe, Philadelphia Structures, CCS Cladding, Mathew Charlton, ME Electrics and Voltz power services, and design partners including Faulkner Browns, Portland Consulting Engineers and Kinetic Engineers.
The development has delivered 72,898sq ft of flexible industrial and/or warehousing, including 5,955sq ft of office space too.
David Gibbs, property director at UK Land Estates, said: “This estate is in a fantastic location, close to the main arterial road network and port services. Promixity to workforce and high density housing makes the building an attractive proposition for both manufacturing or distribution. Delivering quality buildings for business on core estates remains our main focus and we have every confidence the building will be well received.
“We’re confident L7 will generate plenty of interest, but it won’t be the only large-scale project on the site and we’re progressing several options to deliver further projects of this size and larger, attracting businesses and creating employment opportunities in North Tyneside.
“The UK industry is currently suffering from a dearth of available, high-quality industrial and warehousing space, especially prevalent in the North East. As such, UK Land Estates continues to progress numerous development opportunities for new industrial development across the region.”
L7 will be marketed by Knight Frank and Savills.