We have just finalised negotiations on the lease agreement for the third and final tenant to take a unit at Treleigh Business Park in Redruth.
New tenants, photography business Tempest, now become neighbours to a major Cornish clothing company, and latex glove manufacturers Gloveman Supplies Ltd (GSL), who each lease a 10,000 sq. ft. unit at the site.
The £2.76 million project to build the business park was part financed (£1.38 million) by the Convergence Programme with specialist commercial developer HG Sites Ltd providing the match funding, and is the last sizeable speculative commercial development to be carried out in the county.
Mike Nightingale who’s Head of our Commercial Agency at Miller Commercial noted “Treleigh Business Park has been successful in providing much needed BREAM quality industrial space, but there is a real need for more.
The deal with Tempest Ltd. to occupying the last remaining unit at Treleigh is significant in that we are not aware of any other 10,000 sq. ft. units available on the market in Cornwall to buy or lease.
We have also noticed an increased demand for smaller industrial units around the 1,000 sq. ft. size, which better represents the size needed to accommodate the vast majority of companies in the county.”
Mike added “Treleigh also proved a success for the developers after we secured a deal to sell the business park to a group of private investors for an undisclosed sum within two months of its official opening.
It was the first acquisition in the Duchy for this particular group of investors who have been looking to add Cornish commercial premises to their South West portfolio for some time and who’re looking for more opportunities in the county.
But with a changes in guidelines to the latest tranche of European Regional Development Funding (ERDF) it remains to be seen if we will see any new schemes of the scale and quality of Treleigh Business Park coming on to the market in Cornwall in the future.”