Akeler - Offices Development - Sunderland, Rainton Bridge
Date: 08 Aug 2005
International office and business park specialist, Akeler, and Sunderland City Council are in advanced negotiations to secure a major deal with Northern Rock and build a new £60 million office complex at Rainton Bridge - the leading office park development in Sunderland.
The 400,000 sq ft deal will be a huge win for Akeler and Sunderland City Council which will see almost half of the 800,000 sq ft scheme pre-let, prior to major construction work starting on the site. The deal highlights the strength of the north-east commercial property market and the growing potential of Sunderland as a world-class business location. The expansion of Northern Rock's business will create capacity for up to 3,500 jobs in the region.
In addition to its Head Office site in Gosforth, Newcastle upon Tyne, Northern Rock currently occupies 110,000 sq ft at Akeler's Doxford International Business Park in Sunderland. The Doxford operation will relocate to a bespoke, first class office complex at Rainton Bridge. The campus-style premises will be developed in two phases of 250,000 sq ft and 150,000 sq ft. Construction work will start on the site in the first quarter of 2006 with the first phase being available for occupation in mid 2007.
Patrick Going, Executive Director, Akeler commented: "We are working with leading architects to create a sophisticated design and build solution tailored to Northern Rock's needs. The purpose built premises will deliver impressive office space and create a dynamic work environment. Following the success of Doxford International, Rainton Bridge will deliver a new quality of office development and create a business park of unparalleled quality in the region."
Alistair Leslie, Operational Director (Premises), Northern Rock, commented: "We are looking forward to working together with Sunderland City Council and Akeler on this exciting new development, which complements the continuing expansion of our Head Office site in Gosforth and further illustrates our commitment to creating employment opportunities in the North East of England."
Welcoming the announcement Cllr Bob Symonds, the Leader of Sunderland City Council said: "Northern Rock is already a major employer in the city and we have had a very close working relationship with them over the last 10 years since they established at Doxford International Business Park. We've been involved in detailed negotiations with the company at the highest level for the past 12 months and we're delighted that this will result in a really exciting development at Rainton Bridge.
"The fact that Northern Rock is interested in taking half the new business park is testimony to the enormous success that the company has enjoyed at Doxford International. This shows that Sunderland is once again leading the way in attracting blue chip companies and private sector investment.
"It puts Rainton Bridge firmly on the map as a strategic location for European companies building on our reputation for attracting global investment and reinforcing Sunderland's status as a leading international business centre."
This autumn, Akeler and Sunderland City Council will also start on a 100,000 sq ft speculative phase of development, comprising five office buildings. Three 'village' units of 11,000 - 12,000 sq ft will support the region's small and medium-sized growth companies while two larger units of 27,000 sq ft and 40,000 sq ft respectively will provide prime headquarter space. Sunderland City Council has also recently completed a high tech business incubator facility on site which is receiving strong interest from small to medium sized businesses which require high specification and highly connected business space.
Agents for the scheme are Jones Lang LaSalle, taking a national and international remit, and Lambert Smith Hampton, handling local and regional enquiries.
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