Over 1,100 new jobs are being created in Newton Aycliffe as Merchant Park announces the completion of its first 53,993 sq. ft warehouse development. This significant boost for the region was welcomed by North East Mayor Kim McGuinness who toured the site on Millennium Way and met with the development team to discuss the opportunities this brings for local people and businesses.
Kim McGuinness, North East Mayor said: “Small and medium-sized businesses are the beating heart of our economy. As Mayor, I’m determined to help them grow, create thousands of new jobs, and deliver real opportunities for people across our region.
“Developments like Merchant Park show what’s possible when we invest in our local business community and back their ambition. This new site is already bringing high-quality jobs to the area, with even more to come as the project expands.”
Mayor Kim was also pleased to see energy-efficient technology, such as heat pumps, roof mounted PV and EV charging supporting the region’s net zero ambitions.
Merchant Park is a 65-acre development at Aycliffe Business Park, home to the 30-acre Hitachi Rail Europe train manufacturing facility, one of the largest inward investment manufacturing developments in recent years. The new warehouse is the first of three units, with infrastructure work underway for further premises of 89,000 sq. ft and 126,000 sq. ft, ensuring continued job creation and economic growth.
A seven-figure senior debt package from FW Capital, backed by the North East Combined Authority (North East CA), has supported the project’s delivery. The North East CA has also provided incentives to bridge the financial viability gap for the first phase, including infrastructure for the next two units.
The Mayor’s visit was an opportunity to meet the development team, including Adrian Goodall, Michael Chicken and Geoff Hunton, as well as contractors Hall Construction and Helm Consulting, whose local workforce completed the project ahead of schedule. Property enquiries are being handled by CBRE and Connect Property North East.
Adrian Goodall, Director at Merchant Park Developments, said: “Everything ground to a halt post Covid, and we needed a funding boost to assist the completion of this project. The backing of FW Capital and the North East CA has enabled us to fast-track delivery of the first unit. Thanks also go to the work of everyone on site, especially the team at Hall Construction whose commitment to the job has allowed the project to be completed ahead of schedule. Welcoming Kim to look around the site and talk to the people involved has been great and we thank her for her time.”
Chris Dixon, Fund Manager at FW Capital, added: “Watching developments come to fruition is a very satisfying part of the job. The team at Merchant Park Developments has impressed us with their vision and focus to bring Unit 1 to completion. With excellent road links and quality commercial warehouse and office space, it’s a great location for any business looking to be based out of the North East.”
The North East Commercial Property Investment Fund is a £35 million fund supporting new and refurbished commercial projects, aiming to create 5,600 jobs and develop 140,000 sq. m of commercial space across the region.
