Durham County Council has agreed to a 30 year head-lease on Merchant Anglo’s Station Place phase of the Merchant Park industrial scheme, Newton Aycliffe, County Durham. The agreement will enable the developer to secure £5m investment.
The proposals for the development will be submitted to the Council’s planning committee for consideration, the proposed head-lease is subject to planning permission being granted.
The 2.5 acre site, which adjoins the RICS Award-winning Hitachi Rail Europe plant, itself a Merchant Anglo development, has the potential to deliver 50,000 sq ft in terraced buildings from 3,500 sq ft to 5,000 sq ft in the first instance.
Geoff Hunton, director, Merchant Anglo, says he is delighted to be working with Durham County Council on Station Place.
“The £5m investment allows us to bring forward much-needed industrial space to support new and expanding businesses in Newton Aycliffe,” says Mr Hunton.
“Work will start on the first phase early in 2020 for availability by the autumn. Sanderson Weatherall, Newcastle, and CBRE Leeds have been appointed as joint letting agents. The remainder of the Merchant Park, which has the potential to deliver up to a further 667,000 sq ft in building from 25,000 sq ft to 330,000 sq ft buildings will be the subject of future development opportunities.”
The units will be managed by Business Durham, the economic development arm of Durham County Council, Brian Archer, managing director, Business Durham says: “County Durham has a strong manufacturing sector and demand for modern industrial facilities has outstripped supply over recent years. This proposed development at Merchant Park would provide suitable premises for new and growing businesses in the county as well as investors from outside the area.
“Merchant Park will be an exciting addition to the business community at Newton Aycliffe which is already home to more than 500 companies, employing around 10,000 people including many international companies such as Husqvarna, Gestamp Tallent and II -VI.”