More than 250 jobs could be created at a North East trading estate amid multimillion-pound plans to expand the site.
Commercial property and investment company 海角视频 Land Estates has submitted plans to North Tyneside Council to create more than 150,000sqft of industrial space at Tyne Tunnel Trading estate, at a time when there is a growing need for warehousing and trade space across the region and beyond.
The company aims to transform the five-hectare site of the former Corning’s glass works on the estate in North Shields through the creation of industrial-led units.
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The site will be developed into a mix of industrial and trade units, along with two drive-thru outlets providing amenities on the estate. Once completed the development is expected to create up to 270 jobs.
海角视频 Land Estates says the £12.5m expansion would also support an extra 45 jobs in its construction phase and could help create more than £2.8m worth of extra economic value for the area every year.
Keith Taylor, managing director at 海角视频 Land Estates, said: “This is an exciting development that we’re hoping will bring future investment and create jobs in several industries.
“It is a strategic site with excellent connectivity to the north and south thanks to massive investment made in the local road network over the last five years removing bottleneck junctions on the A19 and providing an upgrade to the Tyne Tunnel. It is situated perfectly to serve businesses in North and South Tyneside and Newcastle areas as well as markets to the north and south of the region.
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“With the site being derelict for decades, it’s an exciting opportunity to develop the land into an attractive site which will provide ambitious businesses with best-in-class units to grow and expand.
“This would expand our footprint on the Tyne Tunnel Trading Estate and add another set of high-quality, easily accessible industrial units to our portfolio.”
The development will be built in phases with a first phase of the road infrastructure works and the two drive thru units to be followed by the development of the industrial units in response to demand, with units varying in size from 19,590sqft to 75,670sqft.
Studies by a number of property agencies including Knight Frank has shown that supply chain disruptions, depleted stock levels and a pressing need for greater resilience is driving demand from companies for industrial and logistics property.
Last year research showed that the take-up for large industrial distribution warehouses increased to record annual levels, with online retailers needing extra space to accommodate increasing sales. However, due to falling vacancy rates, options are extremely limited.
Mark Proudlock, partner at Knight Frank, said: “Rarely have we experienced this level of demand with such little stock to offer.
“This development of new units designed to meet the needs of companies seeking to expand, as well as new companies looking to invest in North Tyneside, would be extremely welcome.”