Member Article

Historic Middlesbrough building set for major regeneration

A historic building in the heart of Middlesbrough city centre is set for major regeneration work, bringing new investment and business into the town.

Commerce House, in Exchange Square, is set to be redeveloped by new owners Commerce Chambers Ltd, beginning later this year through contractor Adavo Properties.

The former bank, one of Middlesbrough’s most recognisable buildings, has been owned by the North East Chamber of Commerce since 2006, but was used by the former Teesside Chamber of Commerce since 1935.

NECC decided to sell to Commerce Chambers, backed by financiers Tier One Capital, after seeing its plans to turn the building into a vibrant, town-centre office hub for businesses and potential inward investors.

NECC chief executive, James Ramsbotham, said: “This Chamber has devoted over 200 years to helping create fertile ground for business to thrive in the North East, so when the prospect arose of turning one of our own properties into exciting and distinctive new office space, we embraced the opportunity for positive change that will benefit Middlesbrough enormously.

“NECC will maintain a Middlesbrough office, and will move around the corner to Royal Middlehaven House. It’s essential that we continue to have a strong team working in Tees Valley, home to many of our most trusted and influential members.

“Commerce House wonderfully reflects the town’s history and industrial heritage. It is a large, handsome built-for-purpose landmark and I am delighted this deal will see it not only preserved, but sympathetically redeveloped to retain all of its charm while meeting, and even exceeding, the requirements of modern business.”

Commerce House boasts a distinctive verdigris copper dome and houses a large, now unused residential apartment on its top floor. Built for the York City and County Banking Company in 1872, it is best remembered as the home of the Midland Bank.

NECC President, Mike Matthews, said: “There are obviously mixed emotions as Commerce House has been the NECC base in the Tees Valley since it was formed, but the opportunity to secure such an exciting town centre regeneration project while protecting the integrity of this fantastic building was too good an opportunity to miss.

“Members in Tees Valley can rest assured that it will be business as usual throughout NECC’s move to its new home.”

This was posted in Bdaily's Members' News section by Ellen Forster .