FI Real Estate Management (FIREM) has completed a new £3.5m business park comprising nine industrial units in Peterlee, County Durham.

Gemini Point is located at Bracken Hill Business Park and offers businesses a range of spaces with units from 5,400 sq ft to 7,400 sq ft, and a total lettable space of 55,475 sq ft.

The project to create a new 2.85-acre commercial development in Peterlee included the transformation of the site of the former Gemini office block to create a variety of flexible spaces.

Building work began earlier this year and has been carried out by FIREM’s construction division, FI Construction, which worked closely with its supply chain to provide opportunities for local employment and training throughout construction.

Tim Knowles, founder and Managing Director of FIREM, said: “Last year, the number of businesses based in Durham reached an all-time high at over 33,000 and this incredible economic growth must be supported by a supply of high quality and well connected commercial space.

“We are very proud to launch Gemini Point to market, and to play our part in the county’s drive for growth. This development forms part of our wider investment in Durham, which over the coming years will see us continue to evolve our property portfolio to meet the changing needs of businesses.”

Peter Rippingale, director of Inward Investment and Opportunities, Business Durham, added: “Gemini Point is a welcome addition to the market offering an excellent location for businesses.

“The investment made by FI Real Estate Management demonstrates confidence in the County Durham economy, and with the high demand for premises and the quality of the property on offer here, it’s likely to prove a popular option for a variety of businesses.”

Gemini Point adds to FIREM’s growing portfolio across the UK, which currently comprises in excess of 10 m sq ft with an additional 5m sq ft of new build industrial developments in the pipeline.

As part of its wider investment in Durham, FIREM also asset manages a total of 200,000 sq ft of commercial space, including Wear House at Bracken Hill Business Park.

For more information on industrial spaces available to let at Gemini Point, please visit https://fi-rem.com/property/gemini-business-park/ or call the FI Real Estate Management team on 0845 500 6161.