Work has started on a 拢4.5m speculative development at 海角视频 Land Estates' Tyne Tunnel Trading Estate in North Tyneside.
The scheme - supported by a 拢731,818 grant from the North East Local Enterprise Partnership via the Getting Building Fund - will deliver 4,485 sqm of industrial space for a range of occupiers.
海角视频 Land Estates says the L6 development, located on the Intersect 19 area of Tyne Tunnel Trading Estate, is due to be completed this summer.
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Tim Witty, development director at 海角视频 Land Estates, said: 鈥淎s the region recovers from the pandemic and the economy starts to move up a gear, there is rising demand for this kind of accommodation from a wide range of different companies.
鈥淗owever, carrying out speculative development in the current economic climate can be challenging so we are very grateful to the North East Local Enterprise Partnership for providing grant funding towards this project.
鈥淭his has meant we have been able to get on site and get building now so that we can fulfil that demand from growing regional manufacturing and logistics businesses for space like this.
鈥淟6 will also further support the Tyne Tunnel Trading Estate as a significant engine of economic growth in the North East.鈥
The North East LEP is managing 拢47m awarded through the Government's 拢900m Getting Building Fund to support capital investment across the North East. The Fund was established early in the coronavirus pandemic to kick-start the economy, create jobs and help areas realise growth opportunities coming out of the coronavirus pandemic.
Helen Golightly OBE, chief executive of the North East Local Enterprise Partnership, said: 鈥淭he business community has endured a lot of uncertainty over the past two years, but now that domestic COVID restrictions have largely been removed, confidence is returning to the sector.
鈥淏y investing in shovel-ready projects, like the development at Tyne Tunnel Trading Estate, the North East is creating the infrastructure to capitalise on the increase in demand for commercial property, and placing itself in a strong position to meet the needs of investors.
鈥淭he new development at 海角视频 Land鈥檚 Tyne Tunnel Trading Estate will create the right high quality environment to support business growth and create more and better jobs in the North East.鈥
Earlier this year 海角视频 Land Estates announced that it was looking to help create more than 250 jobs with an expansion of Tyne Tunnel Trading Estate.
Plans were submitted to North Tyneside Council for a scheme which aims to transform the five hectare site of the former Corning鈥檚 glass works on the estate into more than 14,000 sqm of industrial-led units.
The site, which is part of the 2 million sq ft Tyne Tunnel Trading Estate in North Tyneside, will be developed into a mix of industrial and trade units, along with two drive-through outlets providing much-needed amenities.
On completion, the 拢12.5m development is expected to create up to 270 jobs as well as supporting an extra 45 jobs in its construction phase and helping create more than 拢2.8m worth of extra economic value for the area every year.
