North Tyneside business space project lands £1.36m LEP funding

The North East Local Enterprise Partnership (LEP) has provided seven-figure funding to support the creation of new business space in North Tyneside.

Awarded through the Local Growth Fund, the £1,359,322 will go towards the development of 52,939 sq ft of commercial space at the Tyne Tunnel Trading Estate.

The project, known as Intersect 19, is headed up by property investment company UK Land Estates and marks the first speculative development on the trading estate since the 2008 financial crisis.

In the last five years, UK Land Estates has invested over £6m into revitalising Tyne Tunnel Trading Estate, which is strategically located to serve manufacturers with supply chains both north and south of the river.

Tim Witty, UK Land Estates’ development director, said: “The development is fantastic news for Tyneside and the wider region.

“This high specification unit will offer 52,939 square feet of modern high bay manufacturing space with 9.8m eaves height, good power availability and the capability to provide 20t overhead craneage.”

He continued: “UK Land Estates are keen to hear from businesses looking to grow their business in 2017.

“Work will commence on site on 6 February with a target completion date of 1 September 2017.”

North East LEP board member David Land commented: “As one of the key employment sites identified in our Strategic Economic Plan, we’re delighted to be able to support this ambitious project that will encourage more manufacturing growth and job creation in North Tyneside.

“Businesses in our region, particularly growing SMEs, are looking for new, state of-the-art facilities. By investing and developing in infrastructure we can help create more and better jobs for the North East.”

Through its Strategic Economic Plan, which is supported by the the £220.4m Local Growth Fund, the North East LEP is aiming to create 100k jobs by 2024.

UK Land Estates was advised on the LEP deal by Tynemouth-based Almere Consulting.

Tom Bailey, Almere Consulting MD, said: “We are tremendously appreciative of the support for the project that we’ve had from both North Tyneside Council and the North East LEP.”