Andy Preston, a North East entrepreneur and philanthropist, has let nearly 10,000 sqft in South Tyneside to one of the UK’s largest chartered financial planning firms.
The letting to Fairstone, at The Bulrushes, Boldon Business Park, is regarded by Chris Pearson, a Partner at Gavin Black & Partners, which advised Mr Preston, as ‘extremely significant’.
Mr Pearson said: “Fairstone is a highly-regarded national financial advisory and wealth management group and its commitment to acquiring units 1 and 2 totalling 9,932 sq ft with a 5 year lease and annual rent of £105,000, shows the strength of the sector and the quality of the location.
“Just two office units totalling 5,586 sqft remain to let on this very popular development which is three miles south of the Tyne Tunnel with Newcastle five miles to the west and Sunderland three miles to the east.”
Andy Preston who owns the building believes that this move is a sign that confidence in the North East is high despite Brexit.
Andy said: “There is nothing more positive for the North East than when a national company decides to set up base here. The region has constantly evolved to ensure it is an attractive place to a cross section of businesses. We have the space, we have the talent, and this move proves that the plan is working.”
Lee Hartley, Fairstone CEO, commented: “As a national financial and wealth management house we are proud to be headquartered in the North East, our base has always been in Boldon and we have no plans to relocate. Boldon Business Park’s close proximity to Newcastle city centre means that clients and advisers can easily access head office while avoiding city centre traffic and parking costs. As well as the renewal of the lease, Fairstone has just invested in a complete office refurbishment to accommodate and reflect the business’ continued growth.”