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Business & Economy

Teesside property entrepreneurs acquire Stockton’s Phoenix House

Property investors, Andy Preston and Gareth Cherry, of Preston Cherry, have acquired Phoenix House in Stockton, as the third phase of plans to develop ‘Level Q’ luxury offices in Teesside

This latest deal adds to Preston Cherry’s portfolio of property on the Surtees Business Park, just off the main A66.  The company already owns Sheraton House and Infinity House.

Jacobs, which occupies around two-thirds of the 51,000 square feet, will remain in situ and the ground floor of Phoenix House will become state-of-the-art ‘Level Q’ offices, boasting facilities including a café, small cinema, and gym. The building’s social areas will serve high-quality wine and hot drinks free of charge for workers.

Businesses will also benefit from some of the fastest broadband in the area with around 1,000 mg capacity.

Outside space with picnic benches and artificial grass will add to the ambience of the workplaces, providing a unique environment to work, socialise and keep fit.

Preston Cherry will offer traditional long leases together with various levels of membership, including hot desks and a new service that provides boardroom space with state-of-the-art conferencing facilities, concierge, super-fast internet and free drinks, including wine.

Andy Preston said:  “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.

“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.”