Privately owned commercial property company Ravensworth Developments has secured the first letting at its recently completed Portobello Trade Park in Gateshead.
From left to right: Nick Atkinson of HTA Real Estate with Steven Stipetic & Mark Brown of the Bathroom Cladding Shop and Geoff Clark of Ravensworth Developments at the recently completed Portobello Trade Park.
The first tenant at the £7m development is the rapidly expanding Bathroom Cladding Shop, which has taken a ten year lease on a 12,000 sq ft unit.
The firm, which supplies bathroom wall panels, ceiling panels, trims and fittings to customers throughout the UK, says the move will double its currently occupied space and enable them to create future employment opportunities.
Director Steven Stipetic said: “Following a period of significant business growth we have outgrown our existing site and are in need of much larger premises to enable us to house more stock and accommodate more staff.
“This move will be key to our continued growth, the highly visible and accessible location of the new premises will make it easier for customers to find us and improve the efficiency of our UK wide distribution.”
Portobello Trade Park occupies a 6.5 acre site adjacent to the A1(M) at Birtley and is comprised of 15 high quality light industrial units designed specifically for SME’s, ranging in size from 2,100 sq ft to 23,000 sq ft.
Ravensworth took practical completion of the scheme last month following a ten-month construction period and say that they are close to completing further lettings.
“Following a severe lack of new industrial development in the region Portobello provides the first opportunity since the recession for SME’s to acquire brand new, high quality premises in the Gateshead area and we are very pleased to have secured our first tenant,” said Ravensworth Development Manager Geoff Clark.
“We now have interest in over fifty per cent of the development and a further two units in solicitors hands, which are expected to complete imminently.”
Portobello Trade Park is being marketed by joint letting agents Naylors and HTA Real Estate.
Nick Atkinson, of HTA, added: “There has been a huge amount of interest in this scheme and we are delighted to get the first unit let to coincide with practical completion.”
The development was partiality financed by funding from The North East Local Enterprise Partnership, which agreed to provide a £982,000 loan from the Growing Places North East Investment Fund. The scheme also received £2.75 million from the European Regional Development Fund.
