A national financial adviser has underlined its commitment to South Tyneside.
Fairstone has taken a new lease on nearly 10,000 sq ft of office space at The Bulrushes on Boldon Business Park.
Chris Pearson, a Partner at Gavin Black & Partners, which advised building owner Andy Preston on the deal, regards the move as ‘extremely significant’.
"Fairstone is a highly-regarded national financial advisory and wealth management group and its commitment to acquiring units 1 and 2 totalling 9,932 sq ft with a five-year lease and annual rent of £105,000, shows the strength of the sector and the quality of the location," he said.
"Just two office units totalling 5,586 sqft remain to let on this very popular development, which is three miles south of the Tyne Tunnel with Newcastle five miles to the west and Sunderland three miles to the east.”
Andy Preston believes that the new deal is a sign that confidence in the North East is high despite uncertainty over the impact of Brexit on the region's economy.
"There is nothing more positive for the North East than when a national company decides to set up base here," he said.
"The region has constantly evolved to ensure it is an attractive place to a cross section of businesses. We have the space, we have the talent, and this move proves that the plan is working.”
Fairstone CEO Lee Hartley added: “As a national financial and wealth management house, we are proud to be headquartered in the North East.
"Our base has always been in Boldon and we have no plans to relocate. Boldon Business Park’s close proximity to Newcastle city centre means that clients and advisers can easily access head office while avoiding city centre traffic and parking costs.
"As well as the renewal of the lease, Fairstone has just invested in a complete office refurbishment to accommodate and reflect the business’ continued growth.”