Newspaper article The Journal (Newcastle, England)

A Fifth of Mill Site Is Sold to Developer

Newspaper article The Journal (Newcastle, England)

A Fifth of Mill Site Is Sold to Developer

Article excerpt

Byline: By Nigel Stirling

Housebuilder Persimmon has sold a chunk of the 26-acre former Corus pipe mill next to Urban Splash's massive North Shore development in Stockton to commercial developers.

The company, which has a commercial development arm involved in projects such as Newcastle Great Park, has sold five acres ( with planning ( to a joint venture between Circle Red Properties and Wearside civil engineering company Hellens (correct).

The joint venture will build 125,000sq ft of offices on its part of the site, sold by GVA Grimley in Leeds for steel giant Corus, in two phases, following the completion of reclamation work.

Persimmon will build 375 houses on the remaining land.

Duncan McGregor, managing director of Newcastle-based Circle Red, said the joint venture partners expect to build the offices speculatively ( without tenants signed ( beginning next autumn.

He said: "It is a very prominent site. It has visibility on Portrack Lane, and is close to Teesside Business Park, as well as (the) North Shore development and Stockton town centre. It has good access to public transport and access to the A1.

"It ticks a number of boxes."

The scheme, which will be built in two phases consisting of 50,000 and 75,000sq ft, will be delivered at a time that the office market on Teesside looks set to enter a strong growth phase.

Amec and Urban Splash's nearby North Shore development, where work is due to begin early next year, will comprise of 650,000sq ft of offices, alongside 25,000sq ft of leisure space, 480 homes, a 100-room hotel, and cafs and restaurants.

Developer Rokeby signed a lease with engineering giant Aker Kvaerner at its 150,000sq ft business park scheme on Stockton's Bowesfield Lane, for nearly half of that space in February this year in one of the town's biggest pre-lets in years. …

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