Developer to secure £5m investment for County Durham industrial scheme

A 30 year head-lease agreed by Durham County Council is set to unlock investment for an industrial scheme.

The council has agreed to the head-lease on property specialist Merchant Anglo’s Station Place phase of the Merchant Park industrial scheme in Newton Aycliffe, which will enable the developer to secure £5m investment.

Work is expected to commence on the first phase in early 2020 for availability by the autumn, with Sanderson Weatherall, Newcastle, and CBRE Leeds appointed as joint letting agents.

Geoff Hunton, director at Merchant Anglo, commented: “The £5m investment allows us to bring forward much-needed industrial space to support new and expanding businesses in Newton Aycliffe.

“The remainder of the Merchant Park, which has the potential to deliver up to a further 667,000 sq ft in building from 25,000 sq ft to 330,000 sq ft buildings will be the subject of future development opportunities.”

Cllr Carl Marshall, cabinet member for economic regeneration at Durham County Council, said: “The town is already a leading centre for manufacturing and, subject to planning permission, this development will provide even more industrial space, creating new jobs and investment opportunities in the heart of County Durham.

“Our aim is to make it as easy as possible for businesses to create jobs in County Durham, and Station Place is a great example of putting this into reality.

“It is wonderful to see public and private sector investment totalling £3.4bn already paving the way for state-of-the-art new business parks and opportunities right across the county and allowing existing sites like Merchant Park to expand.”