One of the largest, long term lettings in the North East out-of-town office market in the last 12 months has been confirmed for a business park in Seaham.
Paul Wellstead, the developer behind Spectrum Business Park, has agreed a 15-year lease of the three-story, 35,000 sq. ft Spectrum 4 building to believe housing.
The housing association is in the process of fitting out the building ready for full occupancy in the early 2020, which will bring together the organisation’s East Durham facilities under one roof.
Paul Wellstead said: “This deal marks the largest single letting so far at Spectrum and is fantastic news for the park, cementing its reputation as one of the North East’s key office locations. believe housing are expanding from one floor in Spectrum 6 to take on the whole of Spectrum 4, demonstrating their long-term confidence in the business park.
“The fit out of Spectrum 4 will embrace modern methods of working, including significant investment in hot-desking and provision for flexible working practices which are geared towards providing the best possible service to believe housing’s customers. The office floorplates at Spectrum are designed with ultimate flexibility to allow each tenant to tailor the space to their individual business models, which was an important consideration in believe housing’s decision to secure the building.
Chief Executive of believe housing, Bill Fullen, said: “We looked at a variety of options when we were reviewing our office accommodation. But Spectrum offered the best combination of space, accessibility and value for money. Seaham is close to a large number of our customers and makes a great base for our employees too.”
believe housing are not the only high-profile business to choose Spectrum as their base. Other occupiers include Northumbrian Water, UMi, Durham County Council, Great Annual Savings Group and ResQ, and I hope this letting will be the catalyst for further uptake of the remaining office space in 2020.
Over the last couple of years Paul has introduced several schemes to benefit the 3,000-plus people who are employed across the park.
That has included working with tenant Redu to launch a money-saving app which offers Spectrum employees discounts at retail and leisure venues nationwide and working with Durham County Council to improve transport links to Spectrum Business Park, which resulted in Arriva running further regular bus services to and from the park.
Looking ahead to 2020, Paul is also in discussions with food retailers and gym chains about adding to the facilities for employees, which would further enhance Spectrum’s appeal.
Paul added: “Spectrum Business Park has come a long way in the last 10 years and has gained a reputation as a well-connected business hub in the North East.
“There’s no doubt Seaham is going from strength to strength. We’re attracting more and more companies into the area, which between them are creating hundreds of jobs and bringing millions of pounds of investment. That’s fantastic for the area and the region.”