UK Land Estates commits £5m to Boldon Business Park
Around £4m of the investment will see vacant warehouses of 70,000 sq ft and 50,000 sq ft overhauled by the developer.
The project, which will ensure the buildings meet increasingly demanding environmental standards, will give new purpose to the previously dilapidated structures, UKLE said.
Other projects include improving the environmental credentials of existing buildings and introducing landscaping and infrastructure improvements.
David Gibbs, commercial director at UK Land Estates, said: “Boldon Business Park has long been recognised as one of South Tyneside’s most sought-after business addresses, so we’re delighted that these improvement projects have all been approved and are now underway.
“Over the coming months, the projects will see new life breathed into two vacant units which have stood empty for a period of time while the former owner consolidated its operations. The investment provides much needed quality stock into the market, where there is still constricted supply.”
UK Land Estates reacquired swathes of land and units at Boldon Business Park last year in a major deal.
Since then, five new businesses have relocated to the estate, and with more upgrades in the pipeline, the company is confident that 2024 will be another bumper year.
Gibbs added: “We made a commitment when we re-purchased the bulk of Boldon Business Park last year that we would invest heavily into future-proofing the estate and this is a great example of how we’re delivering on that promise.
“We’ve taken what was a disused, neglected building and are transforming it into a modern-day workspace that meets the most stringent of environmental standards and will provide yet more jobs for local people.”
Cllr Margaret Meling, lead member for economic growth and transport at South Tyneside Council, said:, said: “This is fantastic news for the borough and will build on the recent investment into the park to provide further high-quality, sustainable business space.
“Boldon Business Park is in a prime location and we look forward to welcoming more new tenants.”
Naylors Gavin Black and Knight Frank are responsible for the majority of lettings at Boldon Business Park.
Keith Stewart, partner at Naylors Gavin Black, said: “Despite challenging economic conditions, there is still a healthy demand from occupiers across all sectors looking to secure high-quality units of 50,000 sq ft and above.
“UK Land Estates is doing an astute job of putting investment in the right places to encourage regional growth and given the interest we have had in the units so far, we don’t expect these two newly refurbished properties to be on the market for long.”
Mark Proudlock, partner at Knight Frank, said interest is coming from companies looking to take advantage of proximity to the A19, Port of Tyne and local manufacturers.