UK Land Estates has appointed Naylors and Knight Frank as joint letting agents on its new speculative development, Dukesway Central on Team Valley, Gateshead.
Building works are now underway on the first phase of the Dukesway scheme, which will provide three high specification industrial units, each one capable of taking 20 tonne overhead cranes.
Upon completion, the three medium-sized units will provide 26,630 sq ft, 20,000 and 12,000 sq ft of industrial/warehouse space, which will be suitable for a range of uses including industrial processes, storage and distribution.
Dukesway Central is the first speculative build of its size in the region for eight years. UK Land Estates has received planning approval for up to 200,000 sq ft of buildings on the 10 acre site.
Keith Stewart, director at Naylors said: “We are delighted to have been appointed on this high profile speculative development. Dukesway Central is a prime spot located between the main thoroughfares of Dukesway and Princessway. The strength of the location along with the high specification of the units will be very appealing to occupiers.”
Mark Proudlock, partner at Knight Frank added: “There remains a shortage of high quality units of this size in the area and with a number of companies currently inquisitive we anticipate interest from a range of sectors.”
He continued: “At the nearby Queens Court UK Land Estates agreed terms on a new build mid-way through construction, enabling a more extensive and tailored internal fit-out to be carried out for the ingoing tenant. The early interest in Queens Court was testament to the quality of buildings UK Land Estates deliver, and similar opportunities for bespoke internal fit-out are also available at Dukesway Central.”
Tim Witty, director at UK Land Estates added: “This is major development for the Team Valley and demonstrates our confidence in the local economy and the future of this important industrial location. We are delighted to have Naylors and Knight Frank on board, with their proven track record in the industrial sector we are confident they will secure excellent tenants for the scheme.”
Completion of the first phase of development is expected by February next year.