Follingsby Park reaches full occupancy

Tyneside's Follingsby Park has achieved full occupancy for the first time in its 20-year history.

The latest letting at the site involves postal delivery firm Whistl take its third unit on the estate.

Whistl's new 21,300 sq ft space on the Gateshead park, which has been owned by LGIM Real Assets since 2014, will be used to fulfil internet orders. The 110-acre park, which has more than 50 industrial units ranging in size from 4,000 to 135,000 sq ft, has received an injection of £12m in new developments, improvements to the power supply, building refurbishments and estate management initiatives such as new signage, a public-access defibrillator and the introduction of beehives.

Joint letting agents HTA Real Estate and Cushman & Wakefield have racked up 23 new lettings since L&G’s acquisition, including the 2018 pre-let of a 135,000 sq ft space to TOR Coatings.

Nick Atkinson, director at HTA Real Estate said: "It’s incredibly rare for such a large industrial park to reach full occupancy and this is the first time it has happened since I became involved with Follingsby in 2004.

"This is a clear indication of the strength of the industrial market, despite the impact of the current pandemic on the wider economy. Follingsby Park has always been a popular location for warehousing and distribution, but its power supply, accessibility and amenities are also proving very attractive to manufacturers."

LGIM Real Assets has planning permission for an additional 80,000 sq ft at the site and hopes to secure consent for a new 47,650 sq ft unit. JLL acts as the asset manager for Follingsby Park.