Member Article

Teesside businesses acquire new premises

Tees Valley chartered surveyors Sanderson Weatherall have helped two businesses find new premises in Stockton’s Opus Park.

Working on behalf of property development and investment company Opus North, the firm has completed deals for two buildings on the 360,000 sq ft former MFI site, situated at the heart of the Preston Farm Industrial Estate.

Howden Timber, the joinery company, has taken 18,000 sq ft at a rent of £3.25 per sq ft, while the Jennings motor dealership group has acquired 38,000 sq ft to open a Kia showroom.

Sanderson Weatherall Architecture and Building Consultancy have also been involved with the project as they have been commissioned by Jennings Group to carry out the complete design and project management of what will be one of the largest KIA Showrooms in Europe.

Sanderson Weatherall Architecture completed all stages of work inclusive of planning, detailed design and contract administration to see the transformation from a conservative industrial unit into the sensational new car showroom facility.

Opus North bought the 16.5-acre site after MFI announced that it was to close its Stockton factory.

These plots have proven the popularity of the business park.

Jonathan Simpson, partner at Sanderson Weatherall, based in Teesdale Business Park, said the deals were a sign of a strong market in the Tees Valley, coming hot on the heels of an agreement for Allied International Group to acquire a 15,620 sq ft unit in Redcar.

He said: “All three of these deals represent business expansion, either within or into the Tees Valley.

“Demand is now such that the concern is about a shortage of stock to meet the needs of businesses looking to move into the area, or expand within the Tees Valley, rather than landlords being left with empty units.

“This is a good sign for the regional economy as a whole, not just the commercial property market, which often sees the early indications of any shift in markets.”

Opus North director Andrew Duncan said: “These two deals, in a challenging economic climate, is a ringing endorsement of the quality of the development.

“We have spent £2.3 million on Opus Park, creating 11 high-spec, high-quality, single-storey units for lease or sale – individually or in multiples to suit occupiers

“This has transformed the old MFI factory into a modern industrial and warehousing complex for the 21st century.”

This was posted in Bdaily's Members' News section by Martin Walker .