| the north east
NETPARK – ONE OF COUNTY DURHAM’S BIGGEST SUCCESS STORIES
NETpark T
he commercial property market in County Durham has never looked so buoyant – with many premises across the county enjoying full occupancy rates. Finding the right office space in the right location is an essential part of growing a business and as one of the biggest commercial property landlords in the region, Business Durham has access to a wide range of industrial units, office spaces and science lab spaces.
Business Durham, the economic development company for County Durham, specialises in helping businesses – from start-ups to thriving SMEs – find the right premises for their future growth and prosperity.
One of County Durham’s biggest success stories is NETPark, in Sedgefield – an internationally recognised location for science and technology companies. It is uniquely placed to offer a dynamic and supportive environment to accelerate growth into global markets. It brings a like- minded community together in an exceptional environment, with links to a readymade manufacturing supply chain and a talented workforce.
Durham University is on site with easy links to academic expertise while CPI, a technology innovation centre has world- class expertise and capability including four national technology centres: printable
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electronics, healthcare photonics, graphene applications and formulation. It’s also the only science park in the UK to have two catapult centres – the North East Satellite Applications Centre of Excellence and High Value Manufacturing.
Its success is such that NETPark is full and is undergoing a £13m expansion. Due to be completed next year, Explorer will offer bespoke laboratory/clean room/office spaces ranging from 3,500ft² to 5,000ft² each. Completed to client requirements, Explorer units will provide grow on space for graduating incubation companies as well as established businesses which are looking for room to expand. NETPark isn’t the only commercial site which is full in County Durham. Business Durham-run commercial property at sites, ranging from Chester le Street to Spennymoor, are all enjoying full occupancy rates. Stainton Grove Industrial Estate at Barnard Castle is full and even has a waiting list with the latest tenant moving in on the same day as the old tenants moved out. Peter McDowell, business property director at Business Durham, said: “Demand for industrial space is at an unprecedented level in County Durham and is at its highest since Business Durham was established. With historically low rents, and a wide mixture of premises in the county, industrial premises are being taken by all
different sizes of business. “At Derwentside Business Centre, in
Consett, for example, the local office market for small businesses is at 80 per cent occupancy rate and while demand for larger offices is less predictable, there’s always an exception when looking at sites, such as Spectrum Business Park, in Seaham, which is now full and has recently seen new tenant ResQ move in.” Spectrum Business Park is a prime example of how Business Durham’s support can extend to other landlords. The park faced stiff competition from other office locations during the economic downturn and Business Durham supported the developer, Paul Wellstead, to raise the profile of the park. It included helping with the marketing of the site and building a community on the park around digital/creative businesses and public sector organisations large and small. After receiving many new enquiries as a result, Spectrum has now seen occupancy increase from 20 to 60 per cent with the new tenants bringing 1,500 jobs with them. Added Peter: “It’s not just about finding the right property for us, we can help businesses access a range of support after they’ve moved in – from finance to networking. It’s great to see so many companies growing and prospering in the county as a result.”
COMMERCIAL PROPERTY MONTHLY 2016
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