News Article

The banking giant HBOS is opening an administrative office on Terrace Hill’s award-winning Teesdale Business Park in Stockton on Teesside.

HBOS is taking 4,300 sq ft of space on a 10-year-lease within an office building on the Three Acre site development at Teesdale.

Construction work has now started on the £10 million Three Acre site, a high-quality 55,000 sq ft office campus development, and is scheduled for completion before the end of this year.

AIM-listed developers Terrace Hill are building five state-of-the-art office blocks on the Three Acre site, three of which are now under construction. Two of these buildings will be approximately 10,000 sq ft and one will be 12,700 sq ft. All are three stories high and will be available for sale or lease. Rents are in the region of £17 per sq ft.

HBOS are planning to move in early next year.

Martin Vickerman, Property Director of Terrace Hill in the North East, commented: “We are delighted to welcome a company as prestigious as HBOS to Teesdale. Their move is a resounding endorsement of our new speculative Three Acre site development, which is now taking shape.

“This development has already attracted a considerable amount of interest from the financial and professional services sectors, which is, of course, extremely well represented at Teesdale. There is a strong local demand for quality offices on Teeside and we are confident that this scheme will satisfy this demand, he added.

Teesdale Park is home to companies such as Abbey, Dickinson Dees, Barclaycard, the Inland Revenue and Terrace Hill itself and comprises extensive housing schemes, prestigious office buildings, canal waterways and the Stockton campus of the University of Durham.

The amazing transformation of the former industrial wasteland on the banks of the River Tees between Middlesbrough and Stockton is due largely to the development of the Tees Barrage, which produced a ten-mile non-tidal freshwater section of waterway. It provides a wonderful working environment.

Martin Vickerman commented: “The location is superb. Overlooking the River Tees, the park is only a few minutes walk from the vibrant town of Stockton via the Millennium Bridge, and a few minutes walk from Thornaby train station, three minutes drive from the A66 and five minutes drive from the A19. Durham Tees Valley Airport is also only 20 minutes away.

He added: “These buildings would be ideal for a company wishing to relocate out of a bustling town or city centre, where parking can be difficult, to a more tranquil and accessible environment?.

The agents on the scheme are Dodds Brown and DTZ and the architects are Lister Associates with the construction being undertaken by Mansells.

Terrace Hill, which achieved record results last year, has played a major role in the success of Teesdale Business Park and the regeneration of the Middlesbrough and Stockton area. The company’s office developments on the park include George Stephenson House, Westminster, St Mark’s House, Advance, Progress House, Discovery, Endeavour and Stockton and Billingham College Phase I and II.

For further information, please contact Martin Vickerman at Terrace Hill on 01642 243444 or Robert Beaumont of Robert Beaumont Associates on 01423 323139