MORE than 250 jobs could be created under plans to expand Tyne Tunnel Trading estate to create additional high-spec industrial and retail facilities.
UK Land Estates, the largest commercial property and investment company in the North East, has submitted plans to North Tyneside Council which aim to transform the 5 hectare site of the former Corning’s glass works on the Tyne Tunnel Estate into more than 14,000 sq m of industrial-led units.
The site, which is part of the 2 million sq ft Tyne Tunnel Trading Estate in North Tyneside, will be developed into a mix of industrial and trade units, along with two drive-through outlets providing much-needed amenities on the estate. On completion, the development is expected to create up to 270 jobs.
The £12.5m expansion would also support an extra 45 jobs in its construction phase and could help create more than £2.8m worth of extra economic value for the area every year.
With direct access to the A193 linking to the A19 – which forms part of the National Strategic Highway Network – the estate is easily accessible with good transport links.
Keith Taylor, managing director at UK Land Estates, said: “This is an exciting development that we’re hoping will bring future investment and create jobs in several industries.
“It is a strategic site with excellent connectivity to the north and south thanks to massive investment made in the local road network over the last five years removing bottleneck junctions on the A19 and providing an upgrade to the Tyne Tunnel. It is situated perfectly to serve businesses in North and South Tyneside and Newcastle areas as well as markets to the north and south of the region.
“With the site being derelict for decades, it’s an exciting opportunity to develop the land into an attractive site which will provide ambitious businesses with best-in-class units to grow and expand.
“This would expand our footprint on the Tyne Tunnel Trading Estate and add another set of high-quality, easily accessible industrial units to our portfolio.”
The development will be built in phases with a first phase of the road infrastructure works and the two drive thru units, which will then be followed by the development of the industrial units in response to demand with units varying in size from 1,820m2 to 7,030m2. Occupiers would also benefit from their close proximity to local amenities such as Silverlink Shopping Park and Tesco Extra.
Research by leading property agency Knight Frank, indicates that supply chain disruptions, depleted stock levels and the impetus for greater resilience is driving demand from companies for industrial and logistics property.
In addition, a number of online retailers continue to have requirements for facilities to accommodate increased sales volumes and, due to falling vacancy rates, options are extremely limited.
Mark Proudlock, Partner at Knight Frank, said: “Rarely have we experienced this level of demand with such little stock to offer.
“This development of new units designed to meet the needs of companies seeking to expand, as well as new companies looking to invest in North Tyneside, would be extremely welcome.”