Teesland Group plc - Industrial Development - Yorkshire, Redhouse Interchange

Date: 15 Dec 2000

Redhouse Projects Ltd ("RPL"), a joint venture between Teesland Group plc ("Teesland") and Clugston Estates Ltd ("Clugston") has received detailed planning permission for a 11,148 sq m (120,000 sq ft) warehouse unit, in accordance with the masterplan.

RPL intend to start construction early in 2001, once site preparation has been completed, and expects the unit to be completed for occupation in Summer 2001. The building will include 650 sq m (7,000 sq ft) of offices and the ability for further expansion and cross decking.

Redhouse Interchange, the 81 hectare (200 acre) site at Junction 38 of the A1(M),is one of the largest greenfield sites in the North of England with planning consent, and is equidistant between the A1/M62 and A1(M) and MI8 junctions.

Clugston Construction, have been contracted by RPL to undertake infrastructure works at Redhouse Interchange and work on the new roundabout on the A638 and the estate road is well under way. Both the road and the roundabout are expected to be completed in June 2001 opening the site up for operational use.

Mark Hancock of Teesland commented: "Redhouse Interchange will offer critical mass to the larger players in British industry into high quality and flexible industrial and distribution property. The site is of prime importance to the region and will offer considerable competitive advantage to its tenants due to its location, the quality of the accommodation and the efficiency of the property, both in terms of cost and usage."

The site, which will have an end value in excess of £100 million at the end of the projected seven-year development cycle, is capable of providing 185,800 sq ft (two million sq m) of B2 (general industrial) and B8 (storage and distribution).

Additionally, Redhouse Interchange is to develop around 9,294 sq m (100,000 sq ft) of office park at the entrance to the site close to Junction 38 of the Al(M), enabling businesses fast access to high quality office space.

RPL intend to concentrate on large space requirements of 100,000sq ft (9,290sq m) upwards as the topography of the site allows the accommodation of the largest requirements in the market in a quality environment with extensive landscaping and excellent infrastructure. Flexibility will be paramount as the growth in e-commerce and changes in distribution and manufacturing over the lifetime of the development will undoubtedly change current requirements for these buildings.

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