Sunderland Vaux site offices up for grabs - and early birds could save up to Â£25,000 a year
The first tenants could begin bidding for space on the Vaux site from this week.
City bosses are expected to give the green light to plans to start approving leases for the Beam, the first new building on the former brewery site.
And businesses could even be offered a sweetener in the form of rent discounts worth up to £50,000 to move in.
Proposals due to be voted on by Sunderland City Council’s cabinet this week would give Peter McIntyre, the council’s executive director of economy and place, authority to begin granting contracts.
A report to councillors says: “It is recognised that there is a need to react quickly to demand from prospective occupiers of the Beam and provide certainty around terms being negotiated to effectively take advantage of any occupier interest in the building.
“This will enable the council to react quickly to occupier demand, removing delays and potential uncertainty to the negotiation process, and increase the prospect of securing lettings of the property.”
Planning permission for the Beam was granted in 2015, but building ground to a halt following the collapse of construction giant Carillion.
Work restarted in July after Siglion, the council’s development partner, confirmed Gateshead firm Tolent would step into the breach to pick up the project.
Council leader Graeme Miller said: “As a council, Sunderland has a strong track record going back many years for attracting companies and inward investment.
“We all want to see that continue with the companies that come to the Vaux development.
“Therefore, and to build on that track record, this cabinet report is all about making sure that there’s flexibility, efficiency and commercial incentives for the letting of space at Vaux Building One.”
The Beam is expected to be completed by March next year, and will have about 60,000 sq ft of office space available over five floors.
Knight Frank, an estate agent appointed by the council to let the building, is currently advertising office space at £15 per sq ft.
The proposals also pave the way for ‘rent concessions’ of £25,000 a year, or £50,000 over the term of an agreed lease.
James Harrison, Local Democracy Reporting Service