A £2m speculative trade park development has been completed at Team Valley this week.
Earlsway Trade Park is the Team Valley’s first speculative trade park development to have been brought forward in 8 years.
The 22,000sqft scheme has been developed by The Northumberland Estates and provides nine trade counter/workshop units ranging from 1,905sqft to 3,270Sqft. The units are spread over two terraces and can be combined to accommodate larger requirements. The development forms an extension of the existing Earls Parkaccommodation which provides a further 21,808sqft split over 3 units.
Naylors has been appointed as letting agent on the scheme, alongside Cushman and Wakefield.
Naylors’ head of industrial agency, Keith Stewart, said: “It is great to see the scheme complete and ready for occupation. A long lull in development activity on the Team Valley has created high levels of demand for new smaller-scale, commercial space for SME and trade counter occupiers. We are currently negotiating terms with a number of interested parties and anticipate further enquiries now the scheme is complete and occupiers can see the quality of the end product.”
The Northumberland Estates obtained planning permission for the development from Gateshead Council last year. Gateshead-based Robertson Construction was appointed as main contractor and started on site last December.
Earlsway Trade Park is located at the Northern end of the Team Valley, an area which has benefitted from significant investment in recent years with the arrival of Maingate and its abundance of amenities including O’Briens, Greggs, HSBC and Gymetc, as well as The Premier Inn and Valley Farm Restaurant, both of which are close by.
The Northumberland Estates acquired the site from UK Land Estates in 2014 as part of a larger strategic portfolio. Nearby occupiers include EuroCar Parts, ATS, EuroMaster, Flowserve and Crosslings.
Michael O’Driscoll of The Northumberland Estates said: “The key driver behind the scheme was the lack of available industrial stock on the Team Valley. Our existing buildings were fully occupied yet enquiries levels remained high. We are delighted with the end product and are extremely confident we will be converting some of the high levels of interest into lettings imminently.”
He continued: “We hope to establish the scheme as a prominent Trade Park within an ever improving Team Valley. A location that has been further enhanced by the A1 improvement works due to complete later this month. Our appetite for speculative development within the region remains strong and we will be bringing further projects on stream later this year.”