One of the UK’s largest business parks, Cobalt Park in Tyneside has secured five new lettings, highlighting the buoyant appetite for out-of-town business park locations. The five new and expanding tenants have secured 42,579 sq ft of leases with an average term of ten years.
The new tenants include local retailers to the Park, the Geordie Banger Company and Hog Roast Deli. They will join existing retailer Tesco Metro at Cobalt Central – a retail, leisure and office development located at the heart of Cobalt Park. Meanwhile, the bakery chain, Greggs, has signed a new lease deal to expand, by doubling the size of its current premises.
Two new office tenants have also signed lease deals. Serviced office provider, Regus has taken a three-storey flexible workspace of 30,000 sq ft and cataract surgery specialist SpaMedica has also taken 10,000 sq ft of space, both with ten-year lease deals.
The new occupiers join a thriving community of well-established businesses including Sage, Procter & Gamble, EE and Newcastle Building Society.
Cobalt Park is set amongst 2.5 million square feet of office space and 91 acres of green space. The Park has a programme of wellbeing focused free events, including walking routes and lunchtime activities to motivate and improve general health and wellness. The retail offering is easily accessible to those working in the park, surrounding offices and to the nearby residential areas.
Guy Marsden of Highbridge Properties said: “We are delighted to secure these latest lettings, which combine both local businesses and major brands and will bring significant benefits to the Newcastle region. Cobalt offers a dynamic environment for businesses to collaborate and grow and ticks all the boxes in terms of quality, sustainability, and wellness.”
David McDonald, owner of Geordie Banger Company said: “We are a third generation of sausage makers and already had a strong connection with the Park as we previously introduced our artisan product at a pop up initiative, Tasty Thursdays, designed to showcase local produce. Here, we saw huge demand for our products, so we jumped at the chance to have a permanent retail space at Cobalt. It’s clear there is a flourishing retail and commercial business offering with first class amenities, making it the perfect home for us to expand and grow.”
Pete Townend, Associate Director of property consultancy @Retail added: “Five new lettings is a ringing endorsement for the popularity of Cobalt. The retail sector has faced significant challenges in recent years but the Park’s unique setting with its convenient location near major transport links and fantastic amenities has enabled these strong deals to be secured and solidifies Cobalt’s position as a thriving business hub with a rich variety of offerings for all.”
Naylors Gavin Black acted for SpaMedica and Regus and @Retail acted for the landlord in securing Geordie Banger Company, Hog Roast Deli and Greggs.