The speculative Team Valley SME development is expected to create 50 new jobs. The 22,000 sq ft development of counter and work shop units at Earlsway Trade Park is currently being brought forward by The Northumberland Estates.
Letting agency, Naylors has been appointed alongside Cushman and Wakefield on the £1.6 million scheme. It is going to provide nine trade counter units ranging from 1,905 Sq ft to 3,270 Sq ft. The trade units are spread over two terraces and can be adjusted to accommodate larger requirements.
Keith Stewart, Head of industrial agency for Naylors said: “Team Valley and the surrounding area is in desperate need of new, smaller-scale commercial space for SME and trade counter occupiers.
This development will certainly help to address the limited supply within this area, however further development of this nature will be needed to fulfil ongoing demand across the North East. We anticipate a high level interest in the scheme from the outset and hope to secure a pre-let by early 2016.”
Planning permission was received by The Northumberland Estates for the development from Gateshead Council this year. Robertson has been appointed as the main contractor. The demolition of existing buildings on the site is now visible. Practical completion is scheduled for 9 May 2016.
The Earlsway Trade Park site is based at the Northern end of the Team Valley. The site was acquired by The Northumberland Estates via UK Land Estates in 2014 as part of a bigger strategic portfolio. Close by companies include EuroCar Parts, ATS, EuroMaster, Flowserve and Crosslings.
Critical investment has advanced surrounding areas in current years with the arrival of Maingate with its various oamenities including O’Briens, Greggs, HSBC and Gymetc including The Premier Inn and Valley Farm Restaurant in close proximity.
Michael O’Driscoll from The Northumberland Estates said: “We are building on the trade park uses of surrounding schemes including the likes of Bamburgh and Craster Court.
The units themselves have been designed to fill a void in the market and initial interest occupier levels certainly support this with a number of negotiations already underway.”
This good news follows the recent announcement that The Northumberland Estates has let the first phase of its £12m speculative industrial scheme, Axis 19, in North Tyneside to Advanced Industrial Solutions (AIS).
Upon completion Axis 19, which is also being marketed by Naylors, will provide up to eight Grade A industrial/warehouse units ranging from 14,000 Sq ft to 80,000 Sq ft, to cater for the region’s rising demand for larger industrial units.
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