Quartet of deals at Teesdale Business Park underscores upwards pressure on Teesside office rents
17 June 2015
Demand for Teesside office space continues to strengthen, according to leading Teesside commercial property agent, Dodds Brown LLP, with the disposal of four office premises on Teesdale Business Park in Stockton-on-Tees.
“Good quality office accommodation in Teesside continues to attract new occupiers, with three of these four deals bringing new jobs to the area in the form of two new regional offices and a business expansion, while the fourth was seeking improved premises for local staff,” says Stephen Brown, Dodds Brown senior partner, who has worked in commercial property on Teesside for more than 30 years.
“The attraction of Teesside as a business base, coupled with the high quality of the accommodation at premier office locations such as Teesdale Business Park, is seeing upwards pressure on rents for Grade A office space to push up to and past £12 psf.”
Acting on behalf of Aberdeen Asset Management, Dodds Brown, the largest independent commercial property surveying practice headquartered on Teesside, let Progress House, Fudan Way, Teesdale Business Park, Stockton on Tees, TS17 6EN, a 16,000 sq. ft. office building, developed by Terrace Hill Group and formerly let to White Young Green, to Johnson Matthey, on a new 10 year full repairing and insuring lease at rent of £11.80 psf. Johnson Matthey is relocating staff from old accommodation in Billingham to Progress House which has been fully refurbished.
Acting on behalf of Terrace Hill Group, Dodds Brown has let 1,500 sq. ft. on the first floor of Cedar House, III Acre Princeton Drive, Teesdale Business Park, Stockton-on-Tees, TS17 6AJ, to Clugston Construction for a new regional office, on a new five year full repairing and insuring lease at rent of £11.50 psf. Sanlam Private Wealth has also chosen Cedar House for its new Teesside office, also taking 1,500 sq. ft. on the first floor on exactly the same terms as Clugston Construction.
Acting on behalf of the Official Receiver, Dodds Brown has sold the freehold of Robert House Westpoint Road, Teesdale Business Park, Stockton-on-Tees, TS17 6BA, to PX Group for an undisclosed sum, and has been retained to provide facilities management for the 11,000 sq. ft. office building. Integrated infrastructure solutions business PX will use the building to accommodate its continued expansion, as it already occupies the neighbouring premises of PX House.
“With its location on the stunning River Tees waterfront site, it’s no surprise that accommodation at Teesdale Business Park is becoming more sought after, but there are still opportunities for organisations to rent and purchase space there,” says Mr Brown. Dodds Brown acts as agent for a number of properties on Teesdale Business Park.