Â£5m project which will create jobs nears completion at South Tyneside business park
A Â£5m projet to create three new state-of-the-art industrial units and over 100 jobs at a South Tyneside business park is nearing completion.
The scheme by Hellens Group has introduced 58,000 square feet (5,387 square metres) of new industrial space to Monkton Business Park in Hebburn.
The agents for the units, GVA and HTA Real Estate Ltd are now seeking prospective tenants from the manufacturing sector.
Leader of South Tyneside Council, Coun Iain Malcolm, said: “Seeing these much needed industrial units nearing completion is excellent news for South Tyneside. This project supports the Council’s strategic vision for economic growth across the Borough, providing first class business facilities, creating more job opportunities and making South Tyneside a place for the private sector to invest.
“It’s also fantastic that funding from the LEP’s North East Investment Fund and the Local Growth Fund has enabled the construction of these manufacturing units, which will offer new tenants opportunities to grow by tapping into the region’s supply chain.”
In addition to funding from the Local Growth Fund, Hellens Group also received loan funding of £1.7m from the North East Investment Fund (NEIF), an evergreen loan fund also administered by the North East LEP.
Gavin Cordwell-Smith, chief executive at Hellens Group, said: “We were delighted to receive £1.27m from the North East Local Enterprise Partnership’s (LEP’s) Local Growth Fund to support the build of these new industrial units, which are a real coup for the region.
“There are very few facilities of this size or spec in the North East so we’re expecting a lot of interest from companies located here already and those looking for a base in the region.”
Monkton Business Park has rapidly developed into a key business location in South Tyneside. With close links to the A19 and A1, it offers businesses easy access to both Sunderland and Newcastle, and is well placed to serve manufacturers with supply chains north and south of the River Tyne.