Â£500,000 scheme to create new Peterlee business park
A Â£500,000-plus investment will see the creation of a new business park at Peterlee's Bracken Hill Industrial Estate.
The seven unit scheme will undergo a complete refurbishment after being snapped up by Middlesbrough-based Linthorpe Developments.
The scheme comprises seven industrial/warehouse units ranging between 3,500 and 16,000 sq.ft which can be occupied individually or as one separate facility.
Geoff Hogg, managing director of Linthorpe Developments, said: “Offering units for freehold sale is quite unusual in the sector and this development has been designed to assist small businesses and give them the opportunity to own their own premises.
“There is a massive shortfall of small industrial units on the market and the Bracken Park development will address this and enable small businesses to purchase a capital asset that has the potential to increase in value.”
The units will be refurbished to a high standard and located within a secure compound, with two boasting their own secure yards.
The project will be completed next month and units will be available for sale or let.
Chartered surveyors Connect Property North East will market the scheme.
Director Jonathan Simpson said: “Over the course of the last 12 months, Peterlee has seen a large amount of activity at the upper end of the market, with a number of transactions of 25,000 – 60,000 sq.ft and larger.
“Both rents and capital values have increased in Peterlee as a result of an upturn in market conditions and, in recent years, there has been a lack of freehold stock available to the smaller end of the market.
“Bracken Park will give occupiers the opportunity to escape the clutches of rental payments and the opportunity to control their own destiny through a purchase. Although it is early days, the initial feedback from occupiers we have had has been very positive.”
Linthorpe Developments’ Central Point Business Centre, in Middlesbrough, recently reached full occupancy – a year after it was purchased – and the firm has also invested £1million into the development of the Cleveland Business Centre.