Funding helps ‘kickstart’ business park scheme

A County Durham commercial property development is nearing completion after securing a seven-figure funding package to help transform a former industrial site into new business space.

Sheffield-based Priority Space has secured £2.5 million to support the delivery of Hutton Court at Consett Business Park, a scheme comprising 14 commercial units aimed at small and medium-sized enterprises.

The funding includes a £2 million loan from FW Capital through the North East Commercial Property Investment Fund, alongside a £500,000 incentive from the North East Mayoral Strategic Authority to bridge the project’s viability gap.

Built on the site of a former colliery, the development will provide units ranging from 1250sq ft to 2000sq ft, designed to meet growing demand for modern industrial accommodation across the North East.

Completion is scheduled for this month, with the units featuring electric vehicle charging points, solar-reflective glazing, high eaves, dedicated parking and shared service yards.

Located close to Consett’s Number One Industrial Estate, bosses at Priority Space say the development will support job creation and economic growth by providing high-quality workspace for expanding businesses.

Lee Buchanan, director of Priority Space, said: “This investment has enabled us to kickstart the Hutton Court development in Consett Business Park and regenerate a previous brownfield site that had been a working colliery in the past. 

“Prior to receiving the funding, we had been struggling to get the site moving, needing a significant working capital injection to support our ambitions. 

“Chris and the team at FW Capital have been fantastic to work with. 

“As we near completion, we are already in discussions with SMEs looking to lease or purchase space in this prime location. 

“We also have plans to look at further developments across the North East and hope to work with FW Capital on these too.”

The £35 million North East Commercial Property Investment Fund supports the delivery of industrial, distribution and office developments across the region, with repayments recycled into future projects to drive long-term economic growth.

Chris Dixon, fund manager at FW Capital, added: “Priority Space is bringing to Consett quality new industrial units which can be used by a diverse range of businesses. 

“This will have a significant impact on the local economy by bringing further new jobs and inward investment. 

“It’s also fantastic to be able to combine funds with The North East Mayoral Strategic Authority to help get this development started and come to fruition.” 

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