May 13, 2011
Wynyard Park has secured one of the North East’s largest lettings since the downturn in a deal with US chemical giant Huntsman.
Huntsman plans to establish its European headquarters at the 700-acre mixed use business park on Teesside and has agreed to take a total of 85,000 sq ft of space. It will relocate 350 staff from other sites across the region into the 55,000 sq ft Lion Court office building and 30,000 sq ft of laboratory space at Tees Valley 120.
Huntsman has signed a 20 year on both properties and will pay a rent of £15 per sq ft for the offices and £4 per sq ft for the lab space.
“This is a tremendous endorsement for the commercial element of Wynard Park,” says Trevor Cartner of Helios Properties, who with JC Musgrave are the park’s owners.
“We have over 1.2 million sq ft of business space already developed on the site and we are now approaching 100% occupancy. We are now looking forward to developing the next phases which are with the planning authorities now”
Huntsman pigments president, Simon Turner said: “Wynyard Business Park provides the level of services we need combined with efficient, modern, purpose built facilities right on our doorstep”
Wynyard Park was recently boosted by news from Hartlepool and Stockton NHS Trust that it had secured funding for a new £290m 1 million sq ft hospital to be built on the site. This will be accompanied by an associated training and development centre of 200,000 sq ft to be developed by Wynyard Park in Joint Venture
Wynyard Park Limited also recently submitted a planning application for 220 homes on the western part of the park.
Knight Frank and Dodds Brown acted for Wynyard and GVA advised Huntsman.
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