North East New City Centre Office Space
TB20 Unit
build space with a noticeable flight to quality, many with an eye on satisfying future ESG requirements and their own corporate standards. On recruitment and getting people back into the office, it is critical that employers engage with their staff on what they need and what is important to them.”
“I have seen the office investment market in the region, as elsewhere in the country, being negatively affected over recent months. The office sector has seen significant sell off activity of buildings of 15 or 20 years in age which will need to have works done to satisfy future ESG and building regulation requirements. I think ESG sensitive occupiers, inflation and rising interest rates are biting. Avison Young has seen a dramatic drop in valuations of older office buildings both in CBDs and OOT locations in the last six months.”
“In terms of new developments coming up the North East, There is an encouraging level of grade A office schemes being advanced in Newcastle, Sunderland and Middlesbrough. I am pleased the region is involved in the automotive transformation with two big battery factories at Blyth and Washington expected be built over the next two years. We also have Teesworks, which is a very large and exciting development site, partly located within the Tees freeport which provides a phenomenal opportunity and should put the region on the international map.”
“Many of these ongoing developments in the North-East are government backed and we are seeing other, private-backed schemes come under real pressure to proceed, as rapidly rising construction costs and stalling rents could threaten progress.”
First Letting Secured at Turbine Business Park
The industrial agency teams at HTA Real Estate and Avison Young, Newcastle who are appointed by Copley Point Capital to market four high specification warehouse units, currently under construction at Turbine Business Park, Sunderland have secured a first letting at the scheme.
Decor Cladding Direct have taken a 10year lease of the 20,000sq ft TB20 unit which is due for completion later this year.
Phil Mordey, Managing Director at Decor Cladding Direct commented “We are absolutely delighted to be moving into one of these new
COMMERCIAL PROPERTY MONTHLY 2022 Danny Cramman
units, which will more than double our capacity for stock holding, allowing us to have great product availability. This will also enable us to expand our bulk buying of bathroom products, as well as the existing cladding and flooring products that we currently offer. With our dedicated Trade Counter and a showroom fit out for later next year, we will have an attractive offer to cater for our existing customers and welcome new customers with open arms. In the meantime, our Decor Cladding Direct showroom on Armstrong Industrial Estate, will remain open”.
The scheme which will deliver 168,000sq ft of space on the 8.6acre site, located at the junction of the A19 and A1231 Sunderland Highway. Construction commenced in November with the units set for completion later this year. Units of 20,000sq ft, 29,000sq ft, 50,750sq ft and 68,250sq ft will be delivered.
Turbine Business Park is positioned adjacent to Nissan’s car factory where Nissan announced a £1bn investment to produce a new generation of electric cars as well as a “Gigafactory” to produce the batteries to power the vehicles. Nearby occupiers include ASDA, Amazon, Nissan UK and several Tier 1 suppliers.
The units are to a high specification with up to 10m minimum eaves height, secure yards and a good level of offices and access doors, dock levellers on the larger units. The units have a BREEAM rating of very good and an EPC rating of A which will provide typical energy savings of circa 70% compared to a similar building from the 1980s or 1990s.
Simon Hill, Director at HTA said “We are delighted to have secured Decor Cladding Direct as our first tenant. The fact that the letting was completed prior to PC later this year is a reflection on the high-quality of the industrial scheme and its prime location”.
Danny Cramman, Director Avison Young said “The scheme will provide some much needed industrial/warehouse space to help address the current demand/supply imbalance”.
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