Teesside entrepreneurs acquire Phoenix House in Stockton
Property investors, Andy Preston and Gareth Cherry, of Preston Cherry, have acquired Stockton’s Phoenix House.
This is part of the third phase of plans to develop ‘Level Q’ offices in Teesside, adding to Preston Cherry’s portfolio of property on the Surtees Business Park - off the main A66. The company already owns Sheraton House and Infinity House.
Jacobs, which occupies around two-thirds of the 51,000 sq ft, will remain in situ and the ground floor of Phoenix House will become state-of-the-art ‘Level Q’ offices, with facilities including a café, small cinema, and gym.
The building’s social areas will serve wine and hot drinks free of charge for colleagues.
Andy Preston, a Teesside businessman and charity leader, spoke of the acquisition: “We are delighted to be continuing our investment in Teesside with this acquisition.
“There’s a real demand for high-quality office space in the area, with ultra-fast broadband a key requirement.”
Born and raised in Middlesbrough, Preston had a successful career as a fund manager before returning to Teesside, where he invests in businesses and runs charities.
He added: “However, employers are also realising that there is a tangible link between the working environment and a happy, settled and productive workforce.
“We are creating office communities with a real buzz about them that are both practical and fun places to work. Teesside has some fantastic small businesses, particularly in the digital and creative sectors and I know that the ‘Level Q’ project will greatly appeal to them.”
Businesses will also benefit from some of the fastest broadband in the area with around 1,000 mg capacity.
The outside space will be accompanied with picnic benches and artificial grass.
Preston Cherry is aiming to offer traditional long leases together with various levels of membership, including hot desks and a new service that provides boardroom space with conferencing facilities, concierge, internet and free drinks.