| the north east
THE TEES VALLEY CONTINUES TO ATTRACT SIGNIFICANT INVESTMENT
roperty Investment continues to flood into the Tees Valley according to Jonathan Simpson fellow Director and Co- owner of Connect Property North East and is illustrated by a number of high profile deals.
P South Street
Capital has acquired, on behalf of an overseas client, Park View
Jonathan Simpson
Industrial Estate, Hartlepool for £3.81M. The estate, which was sold by UK Land and Estates, comprises
165,284 sq.ft in
27 units with a void rate of approximately 12%. The current rental income is £427,000 per annum which reflects an initial yield of 10.5%. The estate provides a high income return with opportunities to increase this further through active management, refurbishment and lettings. In Darlington, Morton Park Way has
start-up and growth businesses, not only from Darlington, but from the surrounding area. There is real scope for new businesses to establish themselves at Morton Palms Way and to expand, due to the flexibility of the units. Since the acquisition at the back end of 2015,
been acquired from supermarket chain Morrisons for more than £4m by property fund Rockspring in partnership with industrial asset firm Caisson Investment Management. The estate comprises of over 40 units with potential to achieve full occupancy and become a strong hub for
significant investment has been put into the estate, with the immediate effect of reducing the void and increasing rental growth.
There is real scope for new businesses to establish themselves at Morton Palms Way and to expand, due to the flexibility of the units.
Over the course of the last two years perhaps the largest investment in the Tees Valley property sector has come from Gateshead based UK Land Estates. The latest firm to move to the park is manufacturer Cavotec; who have moved to a bespoke 25,000 sq.ft facility. The refurbishment for Cavotec is part of a £6 million investment in the estate – a notable achievement being the previous £1.3 million refurbishment of the former Tabuchi Electronics factory for occupation by local business Cotswold Manufacturing who have created 55 new jobs from the expansion of their business.
UK Land have spent more than £6m over the last few years on improving the estate. A further investment of £1.75 million will go in to the provision of 17,000 sqft of refurbished industrial units that will be ready for occupation later this summer and a retail parade development of six shops with Greggs already signed up, and construction already underway.
BE PART OF THE HIVE - STOCKTON’S NEW DIGITAL AND TECHNOLOGY CENTRE T
here is a digital revolution in the Tees Valley and Fusion Hive is part of it.
Located in the heart of Stockton’s Northshore, Fusion Hive is an impressive three-storey business and innovation centre built specifically as a hub for growing digital and technology companies. Offering flexible working spaces for around 60 small and medium sized enterprises and innovative open spaces for collaborative working, it is the perfect place for like-minded businesses to interact, network and work together. With office spaces ranging from 19m² (204 ft²) to 144m² (1550 ft²) Fusion Hive
We have ambitious plans for expansion which do partly depend on the availability of high speed broadband access. Fusion Hive offers us not only this, but also the opportunity to work with other digital-based technology companies in a great environment. The bright, open plan offices are just what we’re after, and the technical back-up from Teesside University is also something we can take advantage of.
Ashley Meson, founder and chief executive officer, Gtrak Ltd.
has competitive rents, easy in/easy out terms, free car parking and high performing ICT with 24 hour support. Business rate relief may be available for technology based companies (up to £50k
66
pa for qualifying businesses). Tenants also benefit from free access
to shared meeting facilities and discounted rates for large training and conference facilities, which can host meetings of ten people through to events for up to 40 people. Managed by Teesside University,
Fusion Hive offers a great atmosphere for development and expansion with access to the University’s established business networks, expertise and innovation services. Much more than just office space, Fusion Hive will give your business the best possible opportunity for growth in a prestigious location. Fusion
Hive is close to national road and rail links and in easy walking distance from Stockton town centre. For more information and to arrange a viewing email
info@fusionhive.co.uk, call 01642 684400 or visit
www.fusionhive.co.uk
COMMERCIAL PROPERTY MONTHLY 2016
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