Business quarter is ‘tremendous boost’

9:09am Saturday 5th July 2008

ENERGY company npower has taken more than 100,000sq ft of office space at Terrace Hill's £300m Baltic Business Quarter in Gateshead.

npower is leasing the space in three office buildings, with an option on a further 80,000sq ft.

Martin Vickerman, director of Stockton-based developers Terrace Hill, said: "This is an exciting deal for the Baltic Business Quarter - and a tremendous boost for the economy of Gateshead, Newcastle and the North-East.

"It underlines the fact that we are attracting quality occupiers from across the country and Europe. Fifty acres of derelict land is now being transformed into a thriving commercial community."

Work on the office buildings, which are situated to the west of the site, will begin in the autumn, ready for occupation before the end of next year.

Already the Open University has bought a 19,500sq ft office building in the quarter.

The building is called Chalk Hill Place and will be ready for occupation this summer.

At the same time, Terrace Hill is building a speculative 24,000sq ft office block called Baltimore House in the quarter, which will also be ready this summer.

Mr Vickerman added: "We estimate that this development will ultimately create up to 7,000 jobs, playing a crucial part in the regeneration of Gateshead."

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