Wilton Developments has acquired a 33-acre site in Stockton-on-Tees that has scope to deliver a scheme with a gross development value of around £65m-£70m.
The developer bought Dynamo Park, on Cheltenham Road, for an undisclosed sum. The site has the capability to deliver circa 600,000 sq ft of industrial, storage and warehouse space on a prime A19 frontage, adjacent to the junction for a retail and trade location at Portrack Lane.
Outline planning permission has already been granted for nearly 400,000 sq ft of commercial space, along with detailed permission for about 220,000 sq ft. Combined, the scheme can create more than 1,070 jobs, according to Wilton.
Wilton said it is committed to investing in logistics and industrial space in the Northern Powerhouse.
Jason Stowe, managing director at Wilton Developments, said: “The scheme will deliver high-quality employment space, job opportunities, inward investment and economic growth in the area, capitalising on the lack of available opportunities in the wider north east for businesses wanting to upgrade their facilities to new levels of design and ESG credentials.
“The acquisition provides a great opportunity to deliver a variety of industrial, storage and warehouse space adjacent to the A19.”
Wilton Developments is active across the north of England, where the company has delivered projects including the Latitude logistics development near Leeds and Enterprise Park in Barnsley, both for CBRE Investment Management.
The company is also behind a recently-completed scheme at Turbine Business Park for Block Industrial and the forthcoming Leeds 500, which is the largest single-unit distribution scheme in the city. Reserved matters consent for the latter consists of around 500,000 sq ft of logistics and industrial space.
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