Teesside Estate has secured three new tenants, following a multi-million-pound investment.
UK Land Estates finished constructing three speculative, Grade A industrial units at Teesside Estate in August 2023, representing a £5million investment.
Fast-forward less than a year and all three units have now been let, with Park Electrical Distributors, Power Plastics and Lookers all agreeing to move onto the 300-acre business park.
Just off the A19 at Thornaby, Teesside Estate has benefited from over £20million worth of investment by UK Land Estates over the last 10 years.
This investment has been critical to attracting several new businesses to the industrial estate over recent years, with Park Electrical, Lookers and Power Plastics among the most recent.
Motor retail giant Lookers has signed a 10-year lease on a 9,518sq ft unit. Thirsk-headquartered Power Plastics has agreed a 10-year lease on a 22,500sq ft unit on the estate and independent electrical wholesaler, Park Electrical Distributors, has signed a 10-year lease on a 11,200sq ft unit, which will act as a new storage and distribution hub for the Team Valley-headquartered business.
Ian Aitchison, managing director at Park Electrical, said: “Park Electrical chose the unit on the Teesside estate to serve as a hub for our major projects, as it was in an ideal location for major road links to help support our business in the North East and beyond. The new modern building, with state-of-the-art solar roof panels and EV charging facilities also greatly supports our efforts in reducing our carbon footprint.”
UK Land Estates is one of the North East of England’s largest developers and owners of commercial property and business parks.
The company has invested over £8million into Teesside Estate over the last two years alone, and with planning applications submitted for the development of three more units of 24,500sq ft, 103,500sq ft and 202,000sq ft, the company is hopeful that this significant capital investment will draw even more businesses to the area.
David Gibbs, commercial director at UK Land Estates, said: “We are thrilled to welcome Lookers, Park Electrical and Power Plastics to Teesside Estate.
“We have invested heavily over recent years into developing new units and breathing new life into old, dilapidated buildings across the site, and this is a great example of that investment coming to fruition.
“All three businesses have gone on to become real success stories in their own right over recent years and we are delighted to be supporting them as they continue to invest in the region and in Teesside in particular.”
Work has also begun this month on the construction of Starbucks’ newest drive-thru coffee shop on the estate, creating dozens more jobs for local people.