Complete Office Solutions (COS) has taken occupation of one of the largest units at Ravensworth Development’s £7m Portobello Trade Park, a move that will create 50 new jobs over the next five years.
The Yorkshire-based office supplies company, which is expanding into the North East, has signed a 20 year lease on a 20,000sqft unit, which is set to become the firm’s regional headquarters.
COS has taken on the new premises following the acquisition of three local businesses – DDC UK Ltd of Durham, Newcastle-based Alexander Office Supplies and Central Office Supplies of Darlington.
The business, which supplies a broad range of office services and products including stationery, design & print, I.T service & support, workspace solutions and business machines, say the move is part of a five-year growth plan.
Richard Coulson, managing director at COS said: “These latest acquisitions form part of our long-term growth strategy. Our aim is to cover all areas of the UK and more than double our turnover within the next five years. Portobello provides the ideal logistical location for our new North East headquarters, with close proximity to the A1 ensuring fast and efficient delivery to customers.”
Portobello Trade Park, which is located on a 6.5 acre site immediately adjacent to the A1(M) at Birtley, comprises 15 high quality, light industrial units specifically for SME’s, ranging in size from 195sqm (2,100sqft) to 2,137sqm (23,000sqft).
This is the fourth letting at the trade park since completion last October bringing occupancy levels up to 40%, The Bathroom Cladding Shop, Excel RAC Ltd & Polar Front Ltd have also moved into the new estate.
Geoff Clark, development manager at Ravensworth said: “Portobello offers a rare opportunity for SME’s to acquire brand new, high specification premises in Gateshead, which is an area that has seen a significant lack of new development since the recession. We are delighted the park is now 40% let and hope to reach full occupation by the end of the year.”
Keith Stewart, head of industrial agency at Naylors who secured the letting to COS added: “The development has received a very high level of interest from the outset due to its prime location and the quality of the units. Demand remains strong and we are currently in discussion with a number of potential occupiers.”
Portobello Trade Park has been partially funded by The North East Local Enterprise Partnership, who agreed to provide a £982,000 loan from the Growing Places North East Investment Fund, the scheme has also received £2.75 million from the European Regional Development Fund.
HTA Real Estate are acting as joint letting agents alongside Naylors.