MANAGERS of an industrial estate say a £1m refurbishment programme has reaped immediate benefits.
MSeven Real Estate, acting on behalf of owners M&G investments, has revealed three expansions on Newton Aycliffe Business Park, in County Durham, which it says will bring jobs to the area.
MSeven manages commercial property across 700,000sq ft of land, which makes up about a quarter of Aycliffe Business Park.
Working alongside letting agents Connect Property North East and JLL, MSeven officials say they have negotiated the letting of a 50,000sq ft warehouse on Central Park to distribution firm Vantec Europe.
A separate 20,000sq ft Central Park space has been let to Dutch transport operator Ceva Logistics, while a 29,000sq ft base, on Coatham Avenue, has been re-let to growing kitchen maker PWS.
They added more than £650,000 has been spent to improve Northfield Way, where some units have stood empty for years.
However, bosses say their refurbishment has already delivered new lettings with Orion Tools and RDNL Products, while existing occupiers Manissa and Sofas So Good have expanded.
John Murnaghan, MSeven divisional director of asset management, said: “As asset managers for M&G, we’ve both invested huge sums of cash in our estates because we believe in the story that’s developing at Newton Aycliffe.
“It shows we believe strongly in the longevity and success of Aycliffe Business Park.
“We forecast some time ago, with the arrival of Hitachi Rail Europe in Aycliffe, that there would be a tightening up of big industrial spaces over 10,000sq ft in size.
“To ensure we were ready to capitalise on that market we’ve undergone a substantial refurbishment of all empty or redundant spaces.
“We’ve already let out a third of the vacant spaces and believe our investment is paying off.”