A Middlesbrough-based businessman hopes to breathe new life into a business park with a £500,000 investment.
Geoff Hogg says an investment of more than half a million pounds will see the creation of a fully-functional business park at Bracken Hill Industrial Estate, in Peterlee, aimed at boosting small businesses.
The new seven unit scheme, to be re-launched as Bracken Park, will undergo a complete refurbishment after being purchased by Middlesbrough-based Linthorpe Developments, one of the region’s leading private commercial property developers.
The development comprises seven industrial/warehouse units ranging between 3,500 and 16,000 sq.ft and can be occupied individually or as one separate facility.
Hogg, managing director of Linthorpe Developments, said: “Offering units for freehold sale is quite unusual in the sector and this development has been designed to assist small businesses and give them the opportunity to own their own premises.
“There is a massive shortfall of small industrial units on the market and the Bracken Park development will address this and enable small businesses to purchase a capital asset that has the potential to increase in value.”
Linthorpe Developments’ Central Point Business Centre, in Middlesbrough, recently reached full occupancy – a year after it was purchased – and has also invested £1million into the development of the Cleveland Business Centre, which is also located in Middlesbrough.
Mr Hogg, a regeneration entrepreneur who possesses more than 20 years’ experience in the property sector, has invested more than £20million across the North East in retail, office and residential schemes.
Geoff added: “The region’s commercial property sector is on the up and it is this increased sense of optimism which is giving me the confidence to invest in various development projects across the North East.”