New Getting Building Fund supported development set to boost jobs in North Tyneside
MORE jobs are set to be created after the completion of a new industrial development in North Tyneside.
Commercial property and investment company UK Land Estates has finished construction of a new £4.5m building at its Tyne Tunnel Trading Estate.
The speculative development was partly funded with a £731,818 grant from the North East Local Enterprise Partnership (LEP) via the Government-backed Getting Building Fund.
The North East LEP is managing £47m awarded through the Getting Building Fund to support capital investment across the North East. The Fund was established during the early weeks of the coronavirus pandemic to kick-start the economy, create jobs and help areas realise growth opportunities coming out of the pandemic.
The new building offers a total of 48,666 sq ft high quality industrial space for a range of occupiers and has an ‘A’-rated Energy Performance Certificate (EPC) with an array of photovoltaic (PV) panels on the roof providing free green energy for occupiers.
Demand is high for the development, known as L6 and situated on the Intersect 19 area of the Tyne Tunnel Trading Estate, with the unit already under offer from a potential tenant.
As well as having space for up to 125 full-time staff, L6 also supported jobs in the region’s construction sector during its build phase.
Tim Witty, development director at UK Land Estates, said: “We are delighted to have completed this important new building for businesses in the North East.
“As we have already seen in the response to L6’s completion, there is a lot of demand for this kind of accommodation from a wide range of different companies.
“However, carrying out speculative development in the current economic climate can be challenging so we were very grateful to the North East Local Enterprise Partnership for providing grant funding towards this project via the Getting Building Fund.
“The additional capital ensured we could get on with the build earlier than would otherwise have been possible, ensuring we could meet demand for high quality industrial space quicker.”
Helen Golightly OBE, chief executive of the North East Local Enterprise Partnership, said: “Despite recent economic shocks that have led to a cautious outlook for businesses, many are continuing to invest in their futures and sew the seeds for growth.
“Interest in commercial property across the North East has remained high, and the completed L6 industrial space on Tyne Tunnel Trading Estate is another example of how our region is delivering the infrastructure to support business growth, create more and better jobs, and strengthen the economy.
“This development is one of 20 projects across the North East LEP area to receive investment from the Getting Building Fund; ensuring key, strategic capital investments could continue during the pandemic and support our region’s economic recovery.”