Park Electrical Distributors has taken a new 10 year lease on a 15,170 sq ft industrial unit at Unit 2 Raleigh Court, Riverside Park, Middlesbrough, TS2 1RR, at an initial rental of £48,750 per annum, in a deal arranged by Teesside independent commercial property consultants Dodds Brown LLP, acting on behalf of Tesco Pension Fund.
With a turnover of circa £20 million, a current workforce of 64, and a trading history of more than 25 years, Park Electrical Distributors is one of the largest electrical wholesalers in the North East. Its branch at Riverside Park in Middlesbrough, which will open in January 2016, will be its fourth, after Gateshead, Newcastle and Sunderland. A fifth branch is planned to open in Durham in 2016.
Park Electrical Distributors was attracted to Riverside Park because of good road access to both the A66 and the A19. One of Middlesbrough’s primary industrial estates and business parks, the development already accommodates many international, national and local businesses.
Riverside Park is located close to Teesside Advanced Manufacturing Park where the park’s developers and Dodds Brown are working closely with Middlesbrough Council and Tees Valley Unlimited to attract new occupiers to nearly 70,000 square metres of office, workshop and laboratory space, hybrid and light industrial units, and larger custom designed buildings.
Construction of a research centre for Middlesbrough offshore specialists TWI Ltd is already underway.
Park Electrical Distributors’ Operations Director Simon Mooney said: “Middlesbrough in general, and Raleigh Court in particular, will provide an excellent base for our expansion into Teesside to help meet the region’s industrial, commercial and residential electrical supplies needs.”
Letting agent Richard Brown, Partner at Dodds Brown, said: “This move by Park Electrical Distributors is particularly good news for Middlesbrough and Teesside, creating new jobs at a time when every job is much needed.”
Dodds Brown acts as agent for a number of properties on Riverside Park, for other industrial and office developments across the Tees Valley and for Teesside Advanced Manufacturing Park. Further information is available from Richard or Stephen Brown on tel. 01642 244130.
From its offices in Middlesbrough, Dodds Brown LLP is the largest independent commercial property surveying practice headquartered on Teesside which offers a comprehensive commercial property service and unrivalled local market knowledge across Teesside and throughout the Tees Valley. Dodds Brown has been trading for more than 125 years and its senior management team has in excess of 100 years combined experience. It can be contacted by telephone on 01642 244130 or by email: email@example.com or via the firm’s website www.doddsbrown.co.uk