Quorum Business Park in North Tyneside has secured £36.25m of investment for the construction of a 100,000 sq ft office building and a 6,500 sq ft Kids 1st day nursery.
The office building named Q8 – will be the eighth at the 48 acre business park at Longbenton.
The park is owned by a partnership between York-based Grantside Developments and funding specialist Tritax Assets, which secured the investment.
So far, 346,000 sq ft of offices have been created at Quorum.
Tenants include the Inland Revenue and oil tanker operator OSG, which took 24,500 sq ft in Q4 in March at a rent of £14.95 per sq ft.
Quorum purchased and demolished the former Viasystems factory from RDA One North East and the DTI in 2003.
The building will not require detailed planning consent as the park is within the North Tyneside enterprise zone, which expires in August 2006.
Letting agents for Quorum are DTZ Debenham Tie Leung and Knight Frank.
References: EGi News 19/10/05
