Teesland Group plc - Offices Development - Prince's Wharf, Cavendish House

Date: 05 Oct 2001

Sterling Teesland Ltd, a joint venture between Teesland Group plc ("Teesland"), the earnings-based private property company, and Sterling Capitol Plc, the Leeds based development company, is to speculatively develop Cavendish House, Phase II of Prince's Wharf.

Phase I of Prince's Wharf, Camden House comprises 2,788 sq m (30,000 sq ft) of fully let space. Tenants include Dickinson Dees, the leading firm of solicitors in the North East and RMC Group plc, one of the world's leading building materials producers.

Cavendish House will comprise 5,017 sq m (54,000 sq ft) of grade A specified accommodation with 214 car parking spaces. The building will be situated in an extremely prominent location at the entrance to the business park, adjacent to the river Tees. The accommodation over four floors will provide raised access floors, category II lighting with energy efficient T5 lamps and entry into the VRV air-conditioned space via a fully glazed atrium.

It is expected that work will start on site in early October 2001, with the building being available for occupation in September 2002. Cavendish House has been designed by Carey Jones to meet the modern occupier's demands, providing flexible and efficient office accommodation with a high standard of finishes throughout.

This is the second joint venture between Teesland and Sterling Capitol. In January 2001 a comprehensive redevelopment of the Post Office building on Wellington Street, Leeds was granted planning permission. This is a £120m mixed use development known as West Central.

Ian Hare of Teesland Group commented: "Teesdale has become the hub for commercial activity generating inward investment from National companies moving into the area. We feel that Cavendish House, the largest development with planning permission in Teesdale will only further Prince's Wharf's reputation, together with meeting the high current demand levels."

Letting agents DTZ Debenham Tie Leung of Newcastle and Storey Sons & Parker, Middlesborough have been appointed as joint letting agents for the scheme.

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