Jacksons commercial law firm recently acted for Ravensworth Property Developments LLP on a £7 million development at Portobello Trade Park, Birtley, the first speculative industrial development in Gateshead for six years.
Grant funding was obtained from European Regional Development Fund (ERDF) and Sunderland City Council.
The development consists of 15 new highly sustainable light industrial units on a brownfield development site immediately adjacent to the A1(M) Birtley, Gateshead. The units have been specifically designed to provide business starts up and ‘move-on’ accommodation for the SME market with sizes ranging from 2100 sq ft to 23,000 sq ft. The development is seen by an estimated 80,000 passing vehicles every day.
There has been substantial interest in the development and to date three units have been let to North East based businesses.
The project saw managing partner Jane Armitage, senior partner Geoff Skeoch, associate solicitors Erica Turner and Rebecca Dawson dealing with the drafting and agreement of the building contract, appointments and collateral warranties, agreement for leases, licences for alteration and rent deposit deeds.
Jane Armitage, Managing Partner at Jacksons said, “This development is of significant importance to the region and we are proud to be part of that. The construction sector has suffered in the last few years, particularly in the North East, so it’s great to see investments in projects like this to help improve the economy in the region. We are delighted to be acting on behalf of Ravensworth Property Developments LLP and look forward to working with them on future developments”.
Geoff Clark, development manager of Ravensworth Property Developments LLP said, “There is a lack of industrial units of this size in the North East that can offer the visibility and accessibility of Portobello Trade Park. We have received a high level of interest in the units and are progressing with several interested parties. We hope to do more projects like this in the future”.
Ravensworth Property Developments LLP is a privately owned commercial property organisation, based in Durham, who focus on the acquisition of strategic land and development of speculative and bespoke commercial property throughout the NE of England.
Jacksons Law firm is one of the North East’s longest established law firms and has been practising in the Tees Valley for almost 140 years. Operating from its head office in Stockton on Tees, and an office in Newcastle upon Tyne, it is well placed to assist clients across the region on a wide range of business and personal legal advice.