Phase one of Merchant Park completes
The first warehouse is up at the 65-acre development at Aycliffe Business Park in County Durham, measuring 54,000 sq ft and built by Hall Construction Services.
This is the first of three phases being built in Newton Aycliffe, developed by Merchant Park Developments, with phases two and three covering 89,000 sq ft and 126,500 sq ft, respectively.
Located on Millenium Way, the 17-acre development was funded by FW Capital, who provided a seven-figure sum from the North East Commercial Property Investment Fund, which is managed by itself and the North East Combined Authority.
NECA has also provided incentives to bridge the financial viability gap for the first phase, including infrastructure for the next two units.
The NECPIF is a £35m fund supporting new and refurbished commercial projects, aiming to develop 1.5m sq ft of commercial space across the region.
The development is expected to create 1,100 jobs for the region and has energy-efficient technology, such as heat pumps, roof mounted solar panels, and EV charging points.
North East Mayor Kim McGuinness toured the site and met with FW Capital’s development team, as well as contractors Hall Construction and Helm Consulting, whose local workforce completed the project ahead of schedule.
Property enquiries are being handled by CBRE and Connect Property North East.
Aycliffe Business Park is also home to the 30-acre Hitachi Rail Europe train manufacturing facility, one of the largest inward investment manufacturing developments in recent years.
Mayor Kim McGuinness said: “Small and medium-sized businesses are the beating heart of our economy. As Mayor, I’m determined to help them grow, create thousands of new jobs, and deliver real opportunities for people across our region.
“Developments like Merchant Park show what’s possible when we invest in our local business community and back their ambition. This new site is already bringing high-quality jobs to the area, with even more to come as the project expands.”
Adrian Goodall, director at Merchant Park Developments, said: “Everything ground to a halt post Covid, and we needed a funding boost to assist the completion of this project.
“The backing of FW Capital and NECA has enabled us to fast-track delivery of the first unit.
“Thanks also go to the work of everyone on site, especially the team at Hall Construction whose commitment to the job has allowed the project to be completed ahead of schedule.
“Welcoming Kim to look around the site and talk to the people involved has been great and we thank her for her time.”
Chris Dixon, fund manager at FW Capital, added: “Watching developments come to fruition is a very satisfying part of the job. The team at Merchant Park Developments has impressed us with their vision and focus to bring Unit 1 to completion.
“With excellent road links and quality commercial warehouse and office space, it’s a great location for any business looking to be based out of the North East.”
