March 5, 2020
It wasn’t that long ago that Spectrum Business Park in Seaham was in its earliest stages of development.
Property developer and successful businessman Paul Wellstead had a vision for the park – which stands on land once occupied by Dawdon Colliery – but for some time it seemed he was alone.
But like with so many success stories, it was the ‘domino effect’ that saw Spectrum begin to realise its full potential.
Paul reflects: “We all know how important it is to gain momentum with anything, and as we attracted the first couple of occupiers, other companies started looking at Spectrum in a different way. While no-one wants to be the first, as the park began to develop and our offices began filling up, that resulted in a real shift in attitude.
“Where people had previously doubted the location, they began seeing its potential, just as I had, and because of the positive vibe around the area, it was enough to convince them that Spectrum and Seaham were the right locations for them.”
Over the last ten years, Spectrum Business Park, which is attractively located off the A19 with many offices enjoying fantastic views of the North East coastline, has undergone major growth and most recently Paul announced that Believe Housing had signed a long-term lease to occupy Spectrum 4.
The deal is one of the largest out-of-town lettings in the last 12 months and will see the housing association bring all its East Durham facilities under one roof.
Believe Housing joins other high-profile tenants including Umi, Northumbrian Water, ResQ, Great Annual Savings Group and Durham County Council. So, what does the future hold for Paul and Spectrum Business Park?
“With a total of 67,000 sq ft of office space under offer in 2019, including 35,000 sq ft let to expanding occupier Believe Housing in Spectrum 4, we ended last year on a high,” says Paul.
“There is a further big letting announcement to come this quarter and this will leave only 13,000 sq ft in Spectrum 5 and 40,000 sq ft in Spectrum 3 still to let.
“What I’m looking at now are some extra touches that will really benefit the occupiers and their employees, for example attracting a major food retailer to a small available plot on the site.
“I also want to continue to play an active role in the Seaham and Peterlee business park groups, which have really helped showcase everything that’s good about East Durham.”
Spectrum Business Park
For more information, visit www.spectrumbusinesspark.co.uk
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