A new speculative industrial development in North Tyneside marks a significant milestone in the improving health of the commercial property market in the area, say agents Naylors Chartered Surveyors.
Elm Park, being developed by Hellens Group, will be the first speculative industrial development to be built in North Tyneside since 2006. The £2.6m project will provide 17 units ranging 1,500-5,500 sq ft on at West Chirton Industrial Estate.
Naylors director Keith Stewart said: “There is a lack of new business space of this size and quality in North Tyneside and we anticipate there will be strong demand from local businesses, particularly within the manufacturing and offshore sectors. The site is an excellent location close to Silverlink Retail Park and Cobalt Office Park with good links to the A19 and Tyne Tunnels.”
Hellens Group, specialists in property development and brownfield regeneration, secured a £460,000 loan from the North East Local Enterprise Partnership North East Investment Fund to take the scheme forward. They also received a £1.1m grant from the European Regional Development Fund. Hellens chief executive Gavin Cordwell-Smith said: “The development has created interest.”
The scheme is expected to support more than 150 jobs during the construction phase with further job creation once the properties are occupied.
GVA have been appointed joint agents alongside Naylors.