The first stage of a project that will result in the creation of a £5m state-of-the-art vehicle repairs hub has been completed by UK Land Estates.
The business and industrial space landlord and developer has completed the refurbishment of a 66,000sqft building on Tyne Tunnel Trading Estate, which will trade as Lookers Paint & Body Centre, when the building’s fit-out is complete.
The site, which used to house a large wholesaler, will become one of the most advanced repairs hubs in the UK when it opens later in the year, condensing three Lookers facilities on the estate into one and represents a joint investment of almost £5m from Lookers and UK Land Estates.
Completion of the refurbishment follows delivery of UK Land Estates’ L7 site – a 73,000sq ft unit adjacent to the Lookersunit. The £6.35 million speculative build will help to address the increasing need for high-quality industrial space in the North East.
David Gibbs, Property Director, said: “UK Land Estates takes great pride in not only providing the best business space for our tenants, but also creating the buildings and conditions that allow these businesses to grow and develop on our sites.
“Our relationship with Lookers goes back over 20 years on the Tyne Tunnel Estate. They were at capacity at the three units they currently occupy, so when this unit came up, we thought it would be perfect for the company.
“The refurbished unit sits adjacent to the newly finished L7 and neighbours the Elanders unit, which itself is only two years old. The Tyne Tunnel Estate is a core estate in the UK Land Estates portfolio, and we will continue to invest in it, and other sites, to create the buildings businesses need.
“We continue to push to provide efficient spaces for end users, be that on new developments or major refurbishments such as this. Lookers’ new base will deliver a Grade A energy performance certification, helping the company to meet its ESG commitments.”
Investment in Tyne Tunnel Estate is part of a £35m programme of new builds and refurbishments to existing buildings being delivered by UK Land Estates.
“There is a real shortage of vacant high-quality industrial space across the North East, and we remain committed to creating the accommodation that businesses need to establish themselves, grow and flourish,” added David.