Partner Article

Boldon Business Park letting success continues

The success of Boldon Business Park, located off the Testos A19 / A184 intersection, continues with a number of recent lettings including the Wolseley Group and Northern Switchgear and Controls.

“This business park has long been one of the region’s success stories with high quality properties covering a mix of uses and low vacancy rates. It is extremely well located for both distribution and manufacturing purposes with ease of access north and south via the A19 and Nissan effectively on its’ doorstep,” says Simon Haggie, partner, industrial agency, Knight Frank.

The Wolseley Group, which distributes heating and plumbing products and supplies of builder’s products to the professional market, has taken a 14,697 sq ft unit at 11 Burford Way for its civils and utilities subsidiary business Burdens. The letting included surfacing the undeveloped land to the side of the unit to provide almost one acre of yard space to accommodate Burdens need for external storage.

Wolseley has taken a 10 year lease of the property and after allowance for the additional yard space is paying a rent in excess of £7.30 per sq ft. Knight Frank acted as both agents and project managers for the landlord, Avon Capital Estates while CBRE represented Wolseley Group.

Simon Haggie adds: “This letting underlines the popularity of Boldon as a location but also the availability of additional land to allow the enlargement of the yard was key to this letting and in particular the landlord’s willingness to invest further capital in the site.”

In the other letting Northern Switchgear and Controls, a company specialising in the design and manufacture of electrical switchgear and control assemblies, has taken occupation of the 12,500 sq ft Unit 17 on Burford Way also owned by Avon Capital.

Boasting customers including, the NHS, National Grid, SSE and M&E Contractors, Craig Boddy of Northern Switchgear commented that “the quality and presentation of the units at Boldon Business Park provides the perfect springboard for our continued growth”.

Knight Frank is bringing Unit 10 Brooklands Way (10,807 sq ft) and Unit 11A Brooklands Way (5,597 sq ft) to the market on behalf of North East Property Partnerships. Unit 10 is about to undergo a full refurbishment and will be market jointly with Naylors at an asking rent of £64,850 pa.

Mark Proudlock, partner, Knight Frank, says: “We continue to experience strong demand for Boldon Business Park due to its location, the quality of the units and critical mass of high profile tenants. With such limited good quality stock available Unit 10 offers a rare opportunity for companies looking to move to the park.”

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