North East business hub Cobalt Park has hailed buoyant demand for out-of-town space after announcing five new lettings.
The North Tyneside business park says the new and expanding tenants have signed up for almost 43,000 sq ft of space, with leases stretching an average term of 10 years. New arrivals including retailers the Geordie Banger Company and Hog Roast Deli.
They will join existing retailer Tesco Metro at Cobalt Central, the retail, leisure and office development located at the heart of Cobalt Park. Greggs has also signed a new lease deal to expand, doubling the size of its current premises.
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Two new office tenants have also signed lease deals. Serviced office provider Regus has taken a three-storey flexible workspace of 30,000 sq ft and cataract surgery specialist SpaMedica has taken 10,000 sq ft of space, both with ten-year lease deals.
Guy Marsden of Highbridge Properties said: “We are delighted to secure these latest lettings, which combine both local businesses and major brands and will bring significant benefits to the Newcastle region. Cobalt offers a dynamic environment for businesses to collaborate and grow and ticks all the boxes in terms of quality, sustainability, and wellness.”
David McDonald, owner of Geordie Banger Company said: “We are a third generation of sausage makers and already had a strong connection with the Park as we previously introduced our artisan product at a pop up initiative, Tasty Thursdays, designed to showcase local produce.
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“Here, we saw huge demand for our products, so we jumped at the chance to have a permanent retail space at Cobalt. It’s clear there is a flourishing retail and commercial business offering with first class amenities, making it the perfect home for us to expand and grow.”
Naylors Gavin Black acted for SpaMedica and Regus and @Retail acted for the landlord in securing Geordie Banger Company, Hog Roast Deli and Greggs.
Pete Townend, associate director of property consultancy @Retail added: “Five new lettings is a ringing endorsement for the popularity of Cobalt. The retail sector has faced significant challenges in recent years but the Park’s unique setting with its convenient location near major transport links and fantastic amenities has enabled these strong deals to be secured and solidifies Cobalt’s position as a thriving business hub with a rich variety of offerings for all.”