£3.5 million Peterlee business park launches to support Durham’s ‘incredible economic growth’

A developer has completed a £3.5 million business park it says will play a key role in a county’s “drive for growth”.

Gemini Point, in Peterlee, east Durham, has been unveiled by FI Real Estate Management (FIREM).

The 55,475sq ft scheme – covering space once occupied by a Gemini office block – includes nine industrial units, ranging from 5400sq ft to 7400sq ft, on Bracken Hill Business Park.

Tim Knowles, FIREM founder and managing director, said: “The number of businesses based in Durham reached an all-time high at more than 33,000 last year, and this incredible economic growth must be supported by a supply of high-quality and well connected commercial space.

“We are very proud to launch Gemini Point, and to play our part in the county’s drive for growth.

“This development forms part of our wider investment in Durham, which over the coming years will see us continue to evolve our property portfolio to meet the changing needs of businesses.”

Building work began earlier this year, and was carried out by FIREM’s FI Construction division.

Peter Rippingale, director of inward investment and opportunities at Business Durham, the business support arm of Durham County Council, added: “Gemini Point is a welcome addition to the market.

“It demonstrates confidence in the County Durham economy, and with the high demand for premises and the quality of the property on offer here, it’s likely to prove a popular option for a variety of businesses.”

Gemini Point adds to FIREM’s Durham-based assets, with the business’ 200,000sq ft commercial portfolio including Wear House, also on Peterlee’s Bracken Hill Business Park.