Northumberland Estates — which manages the business interests of the Duke of Northumberland — has let the first unit at Axis 19, its £12m North Tyneside industrial development.
Last December the privately owned family business received the go-ahead for the North-East’s largest speculative industrial development for more than eight years. The scheme, on the Tyne Tunnel Trading Estate in North Tyneside, is expected to generate at least 200 jobs.
Now, Advanced Industrial Solutions (AIS) has agreed a 15-year lease on the first building to be constructed. The 28,000 sq ft unit will allow the specialist trainer for the offshore oil and gas, wind energy and industrial sectors to expand its operation and take on more staff.
“Hot on the heels of the steelworks becoming visible on site AIS showed a keen interest in the development,” commented Michael O’Driscoll, of Northumberland Estates. “The speed with which this letting was agreed clearly demonstrates the strength of the local market and attractiveness of the scheme.”
Located close to the A19 and just minutes from the Tyne Tunnel and Port of Tyne, Axis 19 will provide up to eight Grade A industrial and warehouse units with sizes ranging from 14,000 to 80,000 sq ft. It’s hoped the development will cater for the region’s rising demand for larger industrial units and will appeal to a variety of occupiers including manufacturing, logistics and engineering as well as offshore.
The first phase will be completed this month, with the second due to start early next year. Naylors Chartered Surveyors, the region’s largest independent firm of property consultants, is joint letting agent along with HTA.
“We are delighted the first letting been secured at Axis 19,” said Naylors’ head of industrial agency, Keith Stewart. “From the outset we identified the offshore sector as a primary target for this scheme given its location in North Tyneside, which is fast becoming an offshore hub.
“In light of the severe lack of Grade A industrial space in the region we are not at all surprised by how quickly this first phase of development has been snapped up, and we anticipate the second phase will be equally well received.”
AIS already leases a number of units from Northumberland Estates. It has state-of-the-art training facilities at Orion Business Park on the Tyne Tunnel Trading Estate, including a specially built underwater tank, high platform training equipment and an hotel for training operatives.