PROPERTY agencies Knight Frank and DTZ have let four units on UK Land Estates' Tyne Tunnel Trading Estate in North Tyneside.

The units, which have been extensively refurbished, have been let to Nitelites, Office Team and Fox Head Europe.

Nitelites and Fox Head have taken approximately 5,750 sq ft each with Office Team taking some 11,500 sq ft. The headline rent is £4.25 per sq ft.

Mark Proudlock, logistics and industrial associate at Knight Frank, says the refurbishment programme undertaken by UK Land Estates has generated a great deal of interest with further phases to be refurbished as a result.

He said: “The Tyne Tunnel Trading Estate is a great location being so close to the now dualled Tyne Tunnel and the Coast Road.”

Tim Witty, associate director of UK Land Estates, said: “Once the decision had been made to refurbish a terrace of 5,000 sq ft units, take-up was excellent with three units already occupied and the remaining unit to be occupied early this month.”

Garry Ritchie, regional director of Office Team, said that the units provide ideal storage space at a competitive price.

“We originally only required a single unit but wanted to have room for expansion, and the adjacent unit being available was an ideal opportunity to do this.

“We were impressed with the quality of service we had received in acquiring both of these units and the quality of the re-fit.”

In all, some £450,000 has been invested with another £550,000 being invested to refurbish another terrace of six small (2,800 sq ft) units and two further G Units.

Refurbishment is also about to begin on the former Marks & Spencer depot, which totals around 103,311 sq ft and the firms say will provide a distribution facility which could be subdivided.

In total, a refurbishment scheme costing in the region of £2.4m is now under way at Tyne Tunnel Estate.

“The level of interest despite a challenging market suggests there is light at the end of the tunnel for the right product,” added Proudlock.