A new business park is set to be established in County Durham as part of an investment of more than £500,000.
The development at Bracken Hill Industrial Estate, Peterlee, will be aimed at boosting small businesses.
The seven-unit scheme, to be called Bracken Park, will undergo a complete refurbishment after being purchased by Middlesbrough-based Linthorpe Developments, with the facilities to range from 3,500 sq ft to 16,000 sq ft.
The project is set to be completed in July when chartered surveyor Connect Property North East will market the scheme.
Geoff Hogg (pictured), managing director of Linthorpe Developments, said: “Offering units for freehold sale is quite unusual in the sector and this development has been designed to assist small businesses and give them the opportunity to own their own premises.
“There is a massive shortfall of small industrial units on the market and the Bracken Park development will address this and enable small businesses to purchase a capital asset that has the potential to increase in value.”
Jonathan Simpson, director of Connect Property North East, added: “Over the course of the last 12 months, Peterlee has seen a large amount of activity at the upper end of the market, with a number of transactions from 25,000 to 60,000 sq ft and larger.
“Bracken Park will give occupiers the opportunity to escape the clutches of rental payments and the opportunity to control their own destiny through a purchase. Although it is early days, the initial feedback from occupiers we have had has been very positive.”
Linthorpe Developments’ Central Point Business Centre in Middlesbrough recently reached full occupancy while the company has also invested £1m into the development of the Cleveland Business Centre.
Hogg said: “The region’s commercial property sector is on the up and it is this increased sense of optimism which is giving me the confidence to invest in various development projects across the North East.
“I am hoping to create a thriving business centre in Peterlee as we have done in Middlesbrough.”