FI Real Estate Management (FIREM) is ramping up its investment at Bracken Hill Business Park in Peterlee with the development of a 2.58-acre site, which will become home to 51,975sq ft of new industrial space.
Gemini Point, for which planning approval was granted in April 2021, will include nine units ranging between 4,983 sq ft and 7,018 sq ft, offering local businesses a variety of flexible spaces to boost employment and support economic growth.
The brand new development, which sits on the site of the former Gemini office block, will bolster FIREM’s expanding asset portfolio across the UK, which currently comprises in excess of 14m sq ft, with 5m sq ft of new build industrial developments in the pipeline.
Building work is being carried out by FIREM’s construction division, FI Construction, which was established to deliver the company’s growing pipeline of new build projects across the UK.
FIREM has developed a comprehensive social value plan for the building work in Peterlee, which has seen the business work closely with its supply chain to provide opportunities for local employment and training throughout construction.
Tim Knowles, Founder and Managing Director of FI Real Estate Management commented: “Demand for industrial space is rising across the UK and our investment is intended to provide the market with a high quality supply of perfectly located and flexible space for local businesses to thrive, which in-turn will boost employment and the local economy. Understanding local needs forms a big part of our investment strategy and we are proud to be reviving a formerly derelict office property at Bracken Hill Business Park.
“FI Construction is progressing work on site, applying their expert knowledge and experience to ensure we bring this important development to market efficiently while supporting the local economy through our social value strategy.”
Sarah Slaven, Managing Director of Business Durham, commented: “Gemini Point is an important development for Peterlee, not just for local businesses seeking new commercial space to grow and prosper but also for the opportunities the development is bringing to local people. Re-developing this site at Bracken Hill Business Park, which has been a challenge for some time , in this way is just what is needed and I am delighted to see a forward thinking developer bring their development expertise to transform the site in Peterlee.”
Building work at Gemini Point is expected to complete at the end of this year. 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.