Over 400,000sqft of Grade A industrial floorspace is set to be created by one of the North East’s largest commercial landlords.
In the past month, UK Land Estates, which owns Team Valley, Teesside and Tyne Tunnel Trading Estates, has submitted five planning applications representing an investment of around £50m that, if successful, will deliver new units on Tyneside and Teesside.
All five speculative applications are for new build industrial developments on greenfield sites, delivering three units on Teesside Industrial Estate of 24,500sqft, 103,500sqft and 202,000sqft.
The sites at Team Valley will create two units, one on Station Approach of 38,250sqft and Fifth Avenue of 49,500sqft.
It is the latest and largest part of a programme of new build industrial development on the estates, which has already seen UK Land Estates speculatively invest over £13.5m in the last two years, successfully securing high quality occupiers on completion.
UK Land Estates development director, Tim Witty, said: “Despite the economic uncertainty of the last year, UK Land Estates remains committed to creating high-quality, energy efficient commercial property, and these five locations are all on prime sites in our estates.
“The North East remains a really desirable place for businesses to invest and grow and we know that developments of this nature always attract a great deal of interest.
“Developments like these always carry risk for developers, but these sites are so well situated for modern businesses, we expect a wide range of different companies to come forward.”
The developments will deliver approximately 418,000sqft of grade A industrial floor space in total.
FaulknerBrowns Architects designed the properties for UK Land Estates. Steve McIntyre, Partner at the firm, said: “It’s very rewarding to work on these exciting projects with UK Land Estates.
“These planning applications clearly demonstrate UK Land Estates’ continuous commitment to invest in their portfolio of properties, which will see the delivery of new high quality commercial space that can only help to promote sustainable economic growth within the North East.”
Team Valley is the region’s premier business estate, with over 700 businesses employing over 20,000 people. Teesside Industrial Estate is a well-established industrial location covering an area of approximately 300 acres, with immediate access onto the A19. And Tyne Tunnel Trading Estate is a commercial hub in a prime location on the A19 near Newcastle, close to ports and local amenities.
UK Land Estates MD, Keith Taylor, said: “These five applications are another example of how committed we are to creating the world-class commercial accommodation that will attract global leaders to our region and provide space for our indigenous businesses to grow and prosper.
“Hopefully, these plans will find favour with the planning authorities and we’ll see spades in the ground by 2025.”
UK Land Estates has invested significantly, focusing on improving the estate, its environment, road infrastructure, building a retail parade and a pub restaurant, together with an extensive programme of refurbishment of the industrial portfolio on the estate.