Team effort: a joint dream
The Adderstone Group's experience in urban regeneration stretches back to the company's formation, with prominent buildings such as Keel House on Newcastle's Quayside and Waterloo House, adjacent to the Tyne Theatre, demonstrating a unique understanding and appreciation of a frenquently complex and inevitably challenging area of development.
Adderstone has also shown that regeneration means much more than physical development in neglected areas: it involves capturing and maximising benifits for the people and of the region.
Its commitment to regeneration has been rewarded with its listing in The Journal's recent top 250 companies in the region, and managing director Ian Bagget has been names Entrepreneur of the Year by the Entrepreneurs Forum.
The Adderstone Group's £18m Quay West Riverside Business Village in Sunderland is yet another example of its foresight, commitment and capability to take on complex large-scale projects which will bring genuine tangible benefits to the region.
The development will feature 42 offices totalling over 100,000 sq ft, ranging from 1,399 sq ft to 5,433 sq ft, on the banks of the River Wear.
With excellent access and an ideal infrastructure, the Quay West development demonstrates that if a developer has a little imagination and is willing to invest considerable time and effort, then sites which initially may not appear obvious can become a visible and commercially attractive addition to the urban landscape.
In the case of Quay West, the majority of the property was originally occupied by decaying warehouse units. As with previous schemes, Adderstone adopted a collabrotive approach to the development, working hand in hand with its funders Allied Irish Bank and architects Ainsworth Spark.
It has also received the support and assistance of regional regeneration experts Sunderland ARC and English Partnerships.
It worked closely with Sunderland Council from the outset to arrive at a scheme design which maximised the potential of the site and fitted with the locality.
Mr Baggett said: "A scheme of this nature will only succeed if all parties work as a team. Regneration isn't just about bricks and mortar - it is about creating people's jobs and homes. It can sometimes be frustrating if, for example, a planning authority adopts a negative stance and seems to forget that a development like Quay West can only benifit the region. Thankfully, Sunderland Council has been incredibly positive and continue to assists us in breathing life in to what was a neglected part of the city."
After over three years of hard work, development is finally about to start.
Lofthouse and Partners, chartered surveyors, has been appointed as agents and the level of interest from both potenial occupiers and investors has started to reward the commitment by Adderstone to the scheme.
Mario Jaconelli, of Lofthouse and Partners, said: "We are delighted to be appointed as sole agents on this exciting scheme. This is the first time we have worked with the Adderstone Group and we have been impressed by their drive and commitment to regenerating this area.
"In our opinion, the scheme plugs a large gap for 'own front door' offices in the region where there is undoubted demand as occupiers' preference leans towards owning their own buildings rather than leasing, although our client would consider leases on terms to be agreed.
"The offices are affordable, with prices starting from "250,00 plus VAT, and will appeal to small to medium-size local and regional companies. We also expect demand from the investment section.