Adderstone Group secures major letting

DEVELOPER Adderstone Group has secured a major letting at its speculative Sunderland office scheme, bringing the first phase of the scheme to near completion.

DEVELOPER Adderstone Group has secured a major letting at its speculative Sunderland office scheme, bringing the first phase of the scheme to near completion.

Working in conjunction with Sunderland City Council Adderstone has let 10,000sq ft to national engineering consultancy Assystem.

The unit has been let on a 10-year lease at a headline rent of £12 per sq ft, with the incentive package including fit out and a reduced starting rent.

Assystem is a multinational engineering consultancy with 9,500 employees worldwide. It has 1,350 employees in the UK, with 70 of these being based in Sunderland.

Ian Baggett, managing director of Adderstone, said: “We were initially introduced to Assystem by Sunderland City Council, who were keen to ensure they were not forced to leave the area.

“We are delighted to have secured such a strong tenant and played a part in keeping up to 70 jobs in Sunderland.

“We now only have 2,000 to 3,000 sq ft remaining in Phase 1, having helped some 30 businesses set up at, or relocate to, Quay West.”

Quay West received a Special Commendation in the Regeneration Category at last year’s Royal Institute of Chartered Surveyors Renaissance Awards for the North East.

Phase One, which cost in the region of £10m to build, comprises of 24 smaller office units with a further nine larger units grossing a total of 50,000 sq ft.

Adderstone hopes to start work on Phase 2, consisting of one 17,000sq ft unit, four 5,000sq ft and eight 1,200sq ft units, later this year.

Andrew Mills of Assystem UK Sunderland said: “We are delighted with our new facilities.

“We have very specific requirements and appreciate the flexibility and accommodation Adderstone’s architects gave to the project.

“We worked very close with Adderstone to arrive at a layout which accommodates our needs now and also gives us the scope for future expansion.”

The development site to the south of the river had been the former Austin Pickersgill shipyard, which closed in 1988.

 

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