Partner Article

Shortage of Grade A offices faces Team Valley

Team Valley, the Gateshead home to over 700 businesses, is now facing a shortage of Grade A office space following the completion of three new lettings within the last quarter at UK Land Estates’ Queen’s Park building, on Queensway. The new occupiers are the Hargreaves Group, the mining and bulk material logistics business, Cornerstone Law and CBC Health.

The latest lettings, which total over 11,000 sq ft, mean that the whole of Queens Park, which extends to over 40,000 sq ft, is now fully let to a total of nine tenants.

Jessica Simpson, Surveyor, Naylors, joint agents with Knight Frank, who brokered the final letting to Hargreaves, says Queen’s Park is an outstanding building developed to the highest, sustainable, standards. “It is accessible and benefits from good parking and above all it is a first-class location for businesses,” says Mrs Simpson. “It is not surprising that the building has been in such demand.”

To enable the letting to CBC Health to take place, UK Land Estates (UKLE), the landlord of Queens Park, has relocated from the building to the nearby Maingate building.

Shirley Simpson, Senior Lettings Surveyor, UKLE, explains: “The Gateshead CBC requirement fitted our existing suite at Queen’s Park perfectly and in line with our philosophy to be flexible, adaptive and tenant facing, we were more than happy to accommodate them and move to Maingate,” says Mrs Simpson. “Our acquisition of space also now means there is only 5,000 sq ft of grade A space available at Maingate.”

Rebecca Maddison, surveyor, office agency, Knight Frank, says UKLE’s policy of redevelopment at Team Valley in recent years, and the improvement to infrastructure such as the Western bypass, continually re-affirms Team Valley as one of the largest and important out of town business locations in the region.

“It has moved with the times bringing in Retail World for example and with it a significant level of amenities for occupiers. The fact that there is now a limited supply of Grade A office speaks volumes for the asset management success of this major regional asset,” says Miss Maddison. “The shortage of Grade A office space is very much a reflection of office supply across the region.”

ENDS

This was posted in Bdaily's Members' News section by Knight Frank .