An award-winning Wearside business park — created at the height of the recession — is celebrating its fifth anniversary with every square foot let to a full complement of tenants.
“At times the project felt like a huge undertaking, but it has been worth the risk to deliver many thousands of jobs,” admitted Ian Baggett, chairman of the Adderstone group which developed Sunderland’s Quay West Business Village.
Work started on the flagship 100,000sq ft scheme at a time when scores of cash-starved rival developments were being abandoned and 19 years after the closure of the historic Austin & Pickersgill shipyard on the riverside site.
Quay West formally opened for business three years later, in 2010, and has since become home to more than 40 national and international firms employing over 500 people between them.
The efforts of the privately owned property company were immediately recognised by the Royal Institute of Chartered Surveyors (RICS) which granted Quay West Business Village “highly commended” status in its 2010 Renaissance Awards.
Among the estate’s long-term tenants are Brims Construction, the Swedish corporate bank Handelsbanken, and global creative agency Rebrand. They were recently joined by electricity distribution specialists, EDS and the International Mortgage Network.
Geoff Briggs is technical manager at EDS. “The North-East is becoming a strategic hub in the offshore sector and, in order to meet growing demand for our services, this office at Quay West allows us to have presence in what is a strong tactical location for us,” he explained.
“We immediately knew the space was right for us and our presence at Quay West will help us to raise our profile within the sector, further enhancing our growing reputation,” added Briggs.
The flagship business village is located on the northern bank of the River Wear, adjacent to the Queen Alexandra Bridge, and offers flexible units ranging from 575sq ft to those which can accommodate 50-plus staff.
The Newcastle-based Adderstone Group is one of the largest property companies in the region, with a £30m development portfolio and with more than £100m of assets under management. Commenting on the success of its Wearside scheme, Baggett said his firm “was delighted to have contributed to the significant regeneration of an area once occupied by a thriving Sunderland shipyard and which lost hundreds of jobs with its closure”.
