Utilities business finds ideal property for new North East depot
A North West-based utilities company has chosen Legal & General’s Follingsby Park in Gateshead as its new North East base as part of its expansion programme.
Newcastle-based HTA Real Estate secured the letting to Aptus Utilities for its owners, Legal & General Investment Management Real Assets, on behalf of its UK Property Fund. The firm, an Independent Connections Provider (ICP) with headquarters in Bolton, Manchester, has committed to a 10 year lease on a 7,112 sq ft newly refurbished unit on the estate.
Follingsby Park comprises over 1.1m sq ft of industrial floorspace and attracted six new occupiers last year including DFS, Transvalair, Ashtead plc and Shred-It, with lettings amounting to 88,700 sq ft.
Legal & General UK Property Fund recently announced the completion of a number of refurbishments as part of its ongoing investment drive, which has also seen the estate undergo a comprehensive rebrand.
Nick Atkinson, director at HTA Real Estate said: “Aptus Utilities is a rapidly growing business and we are delighted to have been able to assist the firm with its expansion into the North East region. Their new lease commenced immediately upon completion of the refurbishment works to enable them to move straight in. The firm was attracted to Follingsby Park due to the good quality stock on offer with a large service yards and its central location with excellent Motorway access.”
Aptus Utilities, which is listed in the top 3 Greater Manchester’s fastest growing companies of 2016 and employs in excess of 150 people, offers utility connection services throughout the UK. The company says the new depot will support its expanding operations in and around Northumberland and Tyne & Wear.
Lisa Kerford, Operations Director says “The unit is perfectly placed for Aptus Utilities to serve the new customer base in the North East and is large enough to manage the forecasted growth over the next 5 years. It is expected the company will be recruiting direct resources from the North East region within the next 6 to 12 months to deliver the service to our new customers”
HTA Real Estate also has a further 13,183 sq ft under offer on the business park and says further announcements will be made soon.