Speculative industrial scheme 75% let within six months of completion
Industrial property specialist HTA Real Estate has completed the largest letting at Infinity Park, bringing the new speculative development to 75% occupancy.
Falcon Panel Products has signed a 10-year lease at the £5m scheme, located within Monkton Business Park in Hebburn, South Tyneside. Unit A, which extends to 31,524 sq ft, represents Falcon’s fifth acquisition within the past four years.
Falcon is a supplier of wood-based products to manufacturers and builders merchants. The firm employs 100 staff across six UK sites and it now expects to create around fourteen new jobs as part of its new facility.
Infinity Park was officially completed in August 2018 and comprises of three new high specification industrial units, developed by Washington-based Hellens Group. In October 2018, HTA announced the completion of the scheme’s first letting to asbestos consultancy and manufacturing business, Nichol Associates.
Simon Hill, director at HTA Real Estate said: “Our latest deal at Infinity Park represents the region’s largest letting at a speculative industrial development in 2018.
“We are delighted to welcome Falcon, which will use the new premises as a base to serve customers from York right up to the Scottish Borders. There is now only one unit remaining at Infinity Park, but we are confident that we will be announcing the scheme’s third and final letting in the coming months.”
Richard Lazenby, site development director at Falcon Panel Products, said: “Our new premises provide us with the ideal regional location and a prestige building which suitably reflects our leading position in the market. We very much looking forward to beginning operations in the North East, where we see significant market opportunities for our products and service proposition.”
The development of Infinity Park was supported by a £1.27m grant from the North East LEP’s Local Growth Fund to help address the region’s shortage of quality new industrial accommodation. Hellens Group also received loan funding of £1.7M from the North East Investment Fund (NEIF), an evergreen loan fund also administered by the North East LEP.
Gavin Cordwell-Smith, chief executive at Hellens Group, added: “We are very pleased to help bring Falcon Panel Products to South Tyneside and hope they grow and prosper at Infinity Park. To bring a new speculative industrial scheme to 75% occupancy within six months of completion is a fantastic result for everyone involved in the scheme.”
The final remaining unit at Infinity Park extends to 15,901 sq ft. and the scheme’s joint letting agents, HTA Real Estate and GVA, report strong interest in the premises.