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UKLE continues its investment at Tyne Tunnel Estate

UKLE continues its investment at Tyne Tunnel Estate

UK Land Estates is to start another phase of its regeneration of the Tyne Tunnel Estate which continues to be an important industrial and logistics location in North Tyneside given the significant improvement of road transport thanks to the newly upgraded Tyne Tunnel.

“The most recent letting was the disposal of the former 100,000 sq ft Marks & Spencer distribution warehouse after significant refurbishment to Kitwave, the Newcastle-based wholesale group. This underlines the accessibility of the estate which sits at the crossroads of the main Coast Road and the A19 north/south highway through the Tyne Tunnel,” says Mr. Proudlock, partner at Knight Frank who jointly markets the estate alongside Cushman & Wakefield.

Mr Paul Young, founder and CEO of Kitwave says: “We have been located on Tyne Tunnel Estate since the formation of the company in 1988. We deliver to our customers across the North East and the location of Tyne Tunnel Estate ensures we can respond to the needs of our customers efficiently. For this reason we were extremely keen to remain on the estate and the refurbishment of Unit S3 provided the perfect opportunity”.

Tyne Tunnel Estate is a key employment site within North Tyneside. The strategy of phased refurbishment is working very well with the latest phase about to start bringing forward a further 12 units from 2,800 sq ft to 12,000 sq ft. The units are anticipated to be ready for occupation early next year. Tim Witty, director of development at UK Land Estates, added: “We are delighted that committed investment to date of over £6.2m in the regeneration of older stock at Tyne Tunnel has been so successful in providing accommodation and employment opportunities for growing businesses both on the Tyne Tunnel Estate and from beyond. It shows just how well placed the estate is to cater for both new and growing companies but also large scale manufacturing and distribution.”

North Tyneside also offers design and build opportunities and Knight Frank is experiencing increased interest in this option given the lack of good quality stock currently available on the market but also the specific needs of some occupiers. Intersect 19 at Tyne Tunnel offers such opportunities with approximately 9 acres of development ready land. Also in North Tyneside, Knight Frank is advising Highbridge on Indigo Park which sits off Sandy Lane to the north of Gosforth Park. Access is to be significantly improved with £4.8 million road improvement scheme creating a new eastern entrance to the business park with improvements also proposed for the existing western entrance.

Marketing is underway regionally, UK-wide and internationally for this scheme which has the ability to deliver over 1,000 manufacturing and distribution jobs. The 82 acre strategic employment site is capable of accommodating in excess of 1.3 million sq ft of new manufacturing/distribution space for companies seeking bespoke, purpose-built premises.

ENDS

This was posted in Bdaily's Members' News section by Knight Frank .