HTA Real Estate has brokered two deals in County Durham, facilitating the expansion of two North East businesses.
The Newcastle-based industrial specialists have let a 9,000sqft unit at Admiral Point in Seaham to General Paint UK on behalf of developers, Jomast, who have recently refurbished the premises.
The paint distribution company, which imports paint from Lebanon and supplies to the UK automotive industry, has committed to a 5 year lease on the unit, which is double the size of its former property.
The firm has undergone significant growth over the past year with the business expanding by over 25%.
Dean Royal, CEO at General Paint UK said: “Due to the business’ rapid expansion we had outgrown our former premises and needed to find larger, modern warehouse space to become our new centralised distribution hub. We are delighted with the new building at Admiral Point, which benefits from close proximity to the A19 for our distribution channels.”
HTA has also acquired a 10 year lease on a 24,000sqft unit on Stephenson Road in Washington on behalf of TKT Cosyfoam, which is relocating from smaller premises in Houghton-le-Spring.
TKT, which specialises in foam conversion, supplies large furniture manufacturers and packaging companies with ready cut foam. The firm, which employs 48 staff, is fitting out the unit ready for occupation and creating a 2,500sqft mezzanine floor to increase the space. It has also made a significant investment in new foam cutting machinery with grant assistance from the regional Let’s Grow fund, which it hopes will lead to more business and further expansion.
Michael Johnson, managing director at TKT Cosy Foam said: “It has taken two years to find the right premises, which we couldn’t have done without HTA’s help. They understood our needs, conducted an extensive search and successfully negotiated terms on our behalf. We are looking forward to moving into the new premises in the coming weeks and taking delivery of our new machinery, which will enable us to secure further new contracts.”
Nick Atkinson, director at HTA Real Estate added: “We are delighted to have completed these deals and helped two growing North East business find the right premises to meet their business’ needs. The A1 & A19 corridors continue to be successful hot spots for commercial development and are particularly appealing to occupiers operating in the logistics/distribution sectors.”