PROPERTY developer Adderstone Group is set to embark on a £6m redevelopment of a former North East open air school after buying it from Gateshead Council for £265,000.
Work is expected to start on the conversion of the former Joicey Road school in Low Fell, Gateshead, in July with Adderstone committed to securing creative companies for at least three-quarters of the office space.
Adderstone recently completed the purchase of the former school, last occupied five years ago, from Gateshead Council and has agreed to redevelop the whole of the 3.5-acre site.
The project named “3acrepark” will when completed comprise a total of 35,000sq ft of offices within existing and new buildings, split into flexible work space ranging in size from 400 to 20,000sq ft.
The park has been designed around the “own front door concept” by architects Hopper Howe Sadler and units will be offered to let, for sale or to let with an option to buy.
Phase I, which comprises the restoration of the listed existing structures, will be ready for occupation in Easter 2011, say Newcastle-based Adderstone.
Managing director Ian Baggett said: “We are delighted to have secured this beautiful site.
“Close to Gateshead and Newcastle town centres, as well as the Team Valley, this very much in-town office development has a very much out-of-town feel, surrounded by mature trees in a tranquil corner of Low Fell adjacent to Saltwell Park.
“We have partnered with communication agency Drummond Central to design a scheme that we know will be unique within the North East.”
Adderstone anticipates rents for the development starting at £15 per sq ft and the sale agreement requires it to begin work within 12 months and secure creative companies for at least three-quarters of the space.
The group recently achieved full occupancy for phase I of its Quay West Riverside Business Village in Sunderland.