Finance

UK Land Estates starts work on speculative scheme as demand for space ramps up


Property group UK Land Estates is responding to rising demand for high-specification industrial and distribution space with a major new development on Tyneside.

The commercial property investor and developer is bringing forward the 45,000 sqft unit, suitable for manufacturing or warehousing, at the Team Valley in Gateshead, on the site of the former Npower base on Eighth Avenue, set to be renamed Eighth Avenue West.

Construction started in October by STP Construction and the development is expected to be completed by next spring.

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Eighth Avenue West forms part of a pipeline of speculative industrial sites which UK Land Estates is developing in response to increasing demand from commercial property occupiers.

Keith Taylor, managing director at UK Land Estates, said: “There has been a significant upturn in demand for industrial space in recent months as occupiers respond to changing patterns of consumer behaviour accelerated by the effects of the pandemic.

“Manufacturing output from small to medium size businesses is also rising in line with order numbers, companies are taking on more and more staff and business confidence remains solid despite supply chain challenges.

“All this feeds into increased demand for industrial space, which makes schemes like Eighth Avenue West really important to help keep the economy on an upward curve.”

Eighth Avenue West will have features designed to help the environment, including roof-mounted photovoltaic panels, air source heat pumps, low energy LED lighting and electric vehicle charging points. It is expected that the finished building will be A rated for energy efficiency and will be capable of operating at zero carbon in terms of net CO2 emissions.

UK Land Estates will also develop the neighbouring site – Eighth Avenue East – into 35,000 sq ft of office and warehouse space.

Tim Witty, development director at UK Land Estates, said: “Team Valley is already an important business location and we have invested significantly in the estate to make sure it leads the market. We have already received a great deal of interest in Eighth Avenue West and will be starting development of Eighth Avenue East in early 2022.

“We’re pleased to be bringing new grade A industrial property to the area, cementing its reputation as a location that supports the growth of business and employment.”

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