Business park set for £5m revamp

UK Land Estates has unveiled plans to upgrade and improve a popular North East business park with a £5m investment.The company will revamp Boldon Business Park to ensure it “meets the needs of tomorrow’s businesses”.As part of the investment, £4m will be used to transform two vacant 80,000 sq ft and 50,000 sq ft units into modern industrial and distribution hubs.Other projects include improving the environmental credentials of existing buildings as well as landscaping and infrastructure developments.David Gibbs, commercial director at UK Land Estates, said: “Boldon Business Park has long been recognised as one of South Tyneside’s most sought-after business addresses, so we’re delighted that these improvement projects have all been approved and are now underway.”Over the coming months, the projects will see new life breathed into two vacant units which have stood empty for a period of time while the former owner consolidated its operations. The investment provides much needed quality stock into the market, where there is still constricted supply.”Gibbs added: “We made a commitment when we re-purchased the bulk of Boldon Business Park last year that we would invest heavily into futureproofing the estate and this is a great example of how we’re delivering on that promise.”We’ve taken what was a disused, neglected building and are transforming it into a modern-day workspace that meets the most stringent of environmental standards and will provide yet more jobs for local people.”Cllr Margaret Meling, lead member for economic growth and transport at South Tyneside Council, said: “This is fantastic news for the Borough and will build on the recent investment into the park to provide further high-quality, sustainable business space.”Boldon Business Park is in a prime location and we look forward to welcoming more new tenants.”Naylors Gavin Black and Knight Frank are responsible for the majority of lettings at Boldon Business Park.