A huge estate within Aycliffe Business Park is enjoying a surge in occupancy rates after major investment by its new owners.
Whinbank Park, at the heart of the business park, was acquired in August 2015 by property investment company MCR Property, a national firm which handles the acquisition then asset management of commercial and residential premises on a countrywide basis, and had been looking for opportunities in the North East to invest.
MCR has installed a new management regime which has tightened up service charge arrangements for the estate and refurbished vacant units.
This has led to the opening up of marketing and appointment of a property management surveyor to oversee the estate and which is based on site.
So far this has led to:
• Significant tidying up of the Technology Court office accommodation which has led to lettings to Nims Freight, AB Education, Terrance Wing, William Robinson, KHK & GE Telecom. This has moved the occupation from 65% to 80%. This office accommodation provides flexible office suites, and are proving popular to SME and start-up companies.
• The largest vacant unit of approx 26,000sqft has been split to provide four smaller industrial units ranging from 4,100 to 8,300sqft. Already Mill Masters have taken the largest unit and this has been achieved using a local professional team and contractor.
• Improvement on marketing has led to Whinbank Park’s own website, installation of estate boards and appointment of agents – Frew Pain & Connect Property North East.
• A change of the traffic management around the estate to improve the flow and expenditure upon the roads.
• Currently the estate has an 89% occupation rate with an aim to improve this over the next 12 months.
Whilst it has only been 12 months in August since purchase, MCR have invested in the estate using local companies for work and direct employment on site.
This will continue, with an aim to achieve a 95% occupancy rate on an estate which is competently managed and run, says MCR.