October 1, 2008

New Tenant Signs Up for Queens Park Office Scheme ; Commercial Property

A NEW tenant has signed up to take space at the Queens Park office scheme on the Team Valley.

Applied Imaging International, part of cancer diagnostic and biopharmaceutical technologies group Genetix, has taken 5,707sqft of accommodation at the newly refurbished Queens Park - part of a 225,000sqft redevelopment by UK Land Estates. Genetix has signed a 10-year lease agreement and will occupy the ground floor north wing of the building, after moving from its previous space at the Centre for Life in Newcastle.

Richard Barnfield, who project managed the move on behalf of Genetix, said: "Our previous home at the Bio-Science Centre had become inefficient for our needs. We conducted a review of our requirements and identified Queens Park as a suitable option, giving us a productive open plan environment.

"The development is ideally placed in the region with excellent road links and we are pleased to be new members of Team Valley."

Simon Barratt of Knight Frank in Newcastle, who acted for Genetix, said: "Gateshead's Team Valley is one of the most established industrial and office locations in the region and will provide a trusted home for Applied Imaging as it has done for so many other North East businesses over the years.

"The development offers modern, comfortable, open plan accommodation that will suit a variety of businesses, particularly those looking for stylish offices with a smart landscaped exterior and excellent road and public transport links serving the region."

Fergus Laird of Naylors Chartered Surveyors acted on behalf of UK Land Estates in the transaction. Over 28,000sqft of office space is still available at Queens Park with asking rents starting from pounds 13.50 per sqft.

(c) 2008 The Journal - Newcastle-upon-Tyne. Provided by ProQuest LLC. All rights Reserved.