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Business & Economy

First letting secured at speculative industrial scheme

North East industrial property specialist HTA Real Estate has secured the first letting at Infinity Park, a brand new speculative development in South Tyneside.

The £5m scheme at Monkton Business Park in Hebburn comprises of three new high specification industrial units developed by Washington-based Hellens Group.

Following the recent completion of the project, HTA Real Estate has concluded the letting of a 10,850 sq.ft. unit to asbestos consultancy, Nichol Associates.

The firm, which specialises in asbestos training as well as removal, testing and disposal, currently employs 32 staff after launching in 2006. With a growing client base of local authorities, construction firms and blue-chip companies located throughout the UK, Nichol Associates required the new industrial premises to accommodate its expansion.

Nick Atkinson, director at HTA Real Estate said: “To secure the first occupier at a brand new industrial scheme within a few months of completion is a fantastic achievement. Infinity Park provides Nichol Associates with a superb standard of industrial and office accommodation, in what is a very accessible location.

“We are pleased to report that one of the two remaining buildings is under offer and there is strong interest in the final unit. It would be great to see more speculative development projects come forward in the region to help fulfil the continued demand.”

The development of Infinity Park was supported by a £1.27m grant from the North East LEP’s Local Growth Fund to help address the region’s shortage of good quality new industrial accommodation. Hellens Group also received loan funding of £1.7M from the North East Investment Fund (NEIF), an evergreen loan fund also administered by the North East LEP.

David Nichol, managing director of Nichol Associates said: “Our new premises at Infinity Park provide an ideal solution as our business continues to evolve, with the potential for additional recruitment in the years ahead. We are actively looking to expand our services into manufacturing and other areas of the asbestos and environmental industry to cater for both national and international clients.”

Gavin Cordwell-Smith, chief executive at Hellens Group, added: “We are very pleased to welcome Nichol Associates as our first tenants at Infinity Park. Hellens Group is proud to be one of just a small handful of developers bringing forward new speculative industrial schemes in the region.”

The joint letting agents for Infinity Park are HTA Real Estate and GVA.