Fraser Hydraulic Power (FHP Ltd) has signed up to a lease on a 28,000sqft design and build unit at Neptune Yard in Walker.
Naylors Chartered Surveyors acted on behalf of FHP in securing the site and agreeing terms with owners and developers, Shepherd Offshore.
Keith Stewart, director at Naylors, said: “FHP wanted to be close to the Tyne given what they do. They also required a building of least a 7m internal height with craneage.
“After 18 months of searching it became apparent that there were no existing premises that met with FHP’s requirements.
“We identified Neptune Yard as an ideal development site to provide them with a purpose built unit which will facilitate their expansion.”
FHP, an electro-hydraulic systems specialist operating in the subsea, marine and offshore industries, operate from two 11,000sqft properties at Fisher Industrial Estate in Walker.
Director Peter Fraser said: “We have outgrown our existing premises and this move will provide us with a more bespoke facility to accommodate all our business needs for the long term.”
Neptune Yard forms part of the former Swan Hunter shipbuilding yard at Walker Riverside.
Shepherd Offshore announced plans earlier this year to carry out extensive remediation works to regenerate the site for industrial and commercial development.
The 38 acre site also has Enterprise Zone status and is within the 90 acre Neptune Energy Park which has attracted major players including; Clipper, Duco (Technip) and Bridon Ropes.
Tolent Construction are now on site commencing development of FHP’s new unit which is due for completion in February 2014.