Property firm secures £300k upgrade grant
MIDDLESBROUGH-based property development firm Python Properties has secured a £300,000 European Regional Development Fund (ERDF) grant to kick-start a multi-million pound upgrade of Cargo Fleet Business Centre.
The company, which bought the historic 40,000sq ft building last year from a private developer, will carry out a £2m-plus refurbishment of the premises to create a new-look business centre.
A contractor is expected to be chosen by May, with the project likely to be completed by the end of the year.
Based on Middlesbrough Road in South Bank, the centre will feature a heritage centre depicting the area’s proud industrial past, an on-site bistro, creche and conference and car parking facilities.
Built in 1916 by the Cargo Fleet Iron Co, the building has become an industrial landmark in the area.
It has remained empty since 2002 and was set for demolition.
Partner Peter Broome, a qualified chartered surveyor, established the business with Martin Johnson 10 years ago after spotting a demand for rental properties based in town centre or edge-of-town locations.
With an annual turnover of around £2m, the firm owns six commercial buildings and around 150 residential homes, all of which cater for the student market.
It buys and refurbishes buildings in state of disrepair.
Mr Johnson said: “We are looking to consolidate our existing portfolio this year and then purchase other buildings within a two-hour drive of Middlesbrough.”
