The North East
The North East’s Premier Business Destination Cobalt Park
Cobalt
North East England is one of the UK’s fastest growing economies with a highly-skilled, flexible workforce, well connected to global markets and a low cost base for staff and property.
Aidan Baker
Leading the way for the region is Cobalt Park, the UK’s largest business park that provides first class office accommodation and amenities. The neighbouring Silverlink Shopping Park, is one of the region’s pre-eminent retail destinations and the surrounding area has the greatest
number of approved residential planning developments in the region, all of which is of benefit to occupiers and employees alike.
Highbridge Properties Plc delivered the entire scheme over a 20-year period and have an impressive track record of success since the Park opened. This will be further enhanced when Cobalt welcomes its latest high profile tenant, Sage Plc, who are due to relocate to the Park in early 2021.
BNP Paribas Real Estate recently achieved the largest letting on record for the North East in a 205,000 sq ft deal across two buildings to Sage Plc. This transaction secured over 2,000 jobs in the region together with boosting take-up that would have been 25% down on the past 10- year annual average. Furthermore at 125,000 sq ft, the deal on Cobalt 23 is also believed to be the largest building let to a single occupier in the North East beating the previous record of 116,000 sq ft to North Tyneside Council also achieved on Cobalt Park.
As well as being the largest deal of its kind in the region, the letting is also significant for the Park itself, as out of the 1.6m sq ft of fitted out Grade A office space developed on the business park, all the space has now been let at least once.
The occupancy on the Park is now 90% with a work force of over 14,000 and the only vacant space on site being second hand buildings that are coming back to the market following lease expiries. These buildings are now being fully refurbished and can accommodate requirements from 5,000 sq ft to 94,000 sq ft. Once these refurbishments are complete it is likely that the new space will be highly sought after.
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The high specification Grade A office buildings on site are complimented by excellent onsite amenities with a retail parade, hotel and children’s nursery. In addition there is an unrivalled public transport provision on site with over 450 bus services through the park a day. The Park also benefits from a high level of car parking and over 50 acres of open space, including a country park.
Part of Cobalt’s success is down to its access to the largest employee base in the area as well as 35,000 residents of working age in its catchment area, confirming its status as the principal employment hub for the North East. With its huge potential workforce in managerial, administrative, sales and customer service occupations of competitor sites, it’s no wonder that a diverse range of occupiers including Accenture, IBM, EE, Santander, DXC, Newcastle Building Society and Proctor & Gamble have already made Cobalt their home.
Finally, Cobalt does not just aim to attract businesses but to support them in the recruitment and retention of their workforce. To assist in this process, Highbridge have developed an unrivalled on site management team that have rolled out convenience-led benefits designed to suit the demographic profile of over 70 per cent of the site’s employees while aiming to create a strong sense of community and a rewarding working environment. With an onsite membership scheme that includes bespoke travel plans, subsidised travel tickets, access to numerous social and sporting activities and with a focus on sustainability and wellbeing, it’s no wonder that Cobalt is not only the biggest, but one of the most successful and prosperous business parks in the UK.
BNP Paribas Real Estate have been the principal agents on Cobalt since 2011.
BNP Paribas Real Estate One Trinity Gardens, Broad Chare Newcastle upon Tyne NE1 2HF Tel : 0191 227 5737
www.realestate.bnpparibas.co.uk
COMMERCIAL PROPERTY MONTHLY 2021
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