Teesland Group plc - Retail Letting - Redhouse Interchange

Date: 02 Jan 2002

Redhouse Projects Ltd, a Teesland Group plc ("Teesland") and Clugston Estates Ltd ("Clugston") joint venture has let a 234 sq m (2,518 sq ft) modular unit on a thirty-year FRI lease, at a rent of £50,000 pa to McDonalds Restaurants Ltd.

This modular unit at Redhouse Interchange is amongst the first of a new type. The infrastructure works for the business park have started and the completion date for McDonalds is scheduled for March 2002.

The letting to McDonalds is the first in the business park and is expected to provide around sixty jobs in the locality. It follows two recent deals on the distribution park to DFS Furniture and Nu-Tool. It is estimated that Redhouse will eventually provide over 5,000 jobs.

Redhouse Interchange is one of the largest Greenfield sites in the North of England with detailed planning consent and as a whole has planning permission for 185,800 sq m (2 million sq ft) of distribution, warehousing and office space. Additionally, Redhouse Interchange has received outlined consent for restaurant, pub and hotel uses.

David Wells of Redhouse Projects commented: "This letting is key to Redhouse Interchange, as it opens up the site to a host of opportunities by providing the first stage of infrastructure to the office park. The site as a whole benefits from direct access to the A1(M) as well as a large local labour pool."

DTZ Debenham Tie Leung and Knight Frank acted for Redhouse Projects Ltd and are also retained for the office lettings. McDonalds represented themselves.

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