York-based property developer and asset manager Citivale is on course to complete eight office deals at its Falcon Court scheme in Stockton-on-Tees within 12 months.
The eight deals include the sale of the 5,000 sq ft Unit 2 to Robert Simpsons Property Consultancy; the sale of Unit 8, comprising 4,874 sq ft, to HMH Civils; and the sale of the 10,575 sq ft Unit 17 to Jacksons Solicitors.
A further five units, totalling 30,000 sq ft of office space are currently under offer.
Falcon Court is part of the established Preston Farm Business Park by the A66. Overall the office pavilion park comprises 33 self-contained business units, ranging from 1,000 sq ft to 10,000 sq ft covering more than 200,000 sq ft.
Peter Evans of Citivale said: “We are very proud of the success we have achieved at Falcon Court as asset managers on behalf of the private landlord. Falcon Court has proved an extremely popular location for a wide range of owner-occupiers.
“When we took over as asset managers at Falcon Court, half the park was empty. Our aim was to rectify this as quickly as possible and re-gear the existing tenant leases as well as rebranding and refurbishing the estate. So far we are absolutely delighted that we have achieved these objectives.”
Tim Carter, of Stockton-based property consultants Connect Property North East, which is marketing Falcon Court on behalf of Citivale, added: “Citivale have had an enormous impact on the renaissance and regeneration of Falcon Court, transforming it into one of the premier office locations for owner-occupiers in the North East.
“To complete eight deals in a year is an excellent achievement. Falcon Court has always had potential, given its location, quality of units, facilities on site and extensive car parking. The combination of all these factors make it especially appealing to owner-occupiers, who view the acquisition of a quality unit there as a sound investment.”