CARGO FLEET REGENERATION BEGINS

CARGO FLEET REGENERATION BEGINS

September 2010: Leading North East commercial developer Python Properties will begin work in October to redevelop the prestigious Cargo Fleet building to its former glory.


Middlesbrough-based Python Properties will redevelop the Cargo Fleet property - which was formerly the headquarters of British Steel Teesside and then subsequently Redcar and Cleveland Council - to top-quality office and business space and to its original, prestige status.


The extensive restoration project of the three-storey Edwardian building, built in the classic style, estimated to cost more than £1.5m, will involve creating 40,000 sq ft of business/office space primarily targeting local businesses and SMEs.


Working with Teesside University, Python Properties will also establish a heritage centre within the building, looking at the history of ironworks, steelmaking and ship building in this area. There will also be an on-site bistro catering for the centre and the office tenants of the building.


Peter Broome, Python Properties partner, said: “The building is an industrial landmark in the region well known to many local people. It was originally built by Cargo Fleet Iron Company in 1916 and has so much history and stories. Steel making has always been at the heart of the region so we hope we are in some way paying respect to our heritage.


“The redevelopment has been described as a beacon project, which will not only restore the building to its former glory but will also inspire and help to regenerate the surrounding communities.”


Python Properties, assisted by Tees Valley Unlimited, has secured grant funding from the Single Program fund of One North East and commercial funding from Santander Bank.


Richard Buckley, director of delivery at Tees Valley Unlimited, said: “Cargo Fleet is one of Middlesbrough’s most recognisable buildings and I’m certain Python Properties will restore it to its former glory.


“I am particularly pleased that Tees Valley Unlimited has played such a vital role in enabling this scheme to start – the building is a key piece of the regeneration jigsaw and one which complements the work going on across the town.”


Martin Johnson, partner at Python Properties added, “Python has now successfully regenerated five major buildings in the North. These are Royal Middlehaven House and The Cooperative Building, both in Middleborough, Maxwell’s Corner and The Town House in Stockton and Bank Quay House in Warrington.


“Cargo Fleet will be our sixth regeneration project and has actually been delayed more than two years by lack of bank funding due to the credit crunch. We are very pleased to be working with a new funder, Santander, and have found them to be both responsive and professional, and we expect this partnership to lead to more regeneration projects moving forward in the near future.


“Cargo Fleet, completely restored will be a superb place to work and do business. The regeneration will respect the buildings past with original features retained and restored, and the addition of a heritage centre. It will also look firmly forward with first-class office and business facilities. We believe the building will become a uniquely special place to work.”


Reservations are now being taken and flexible lease terms, including break clauses and rent free periods, are available. Bespoke office suites can be created within the property, ranging in size from 250 sq ft to 12,000 sq ft.


Richard Shuter, relationship director at Santander’s Tees Valley Corporate Business Centre, said: “Python Properties is an established commercial developer and landlord with a strong management team and I am delighted that we are supporting them in the redevelopment of these two iconic Teesside buildings.


“We aim to assist strong, viable businesses from all sectors, by providing a full relationship banking service, and our new agreement with Python Properties is an excellent example of this.”


Rents for Cargo Fleet Business Centre are highly competitive at £8.50 sq ft, with a service charge of £2 sq ft. This includes a manned reception, use of the Heritage Centre for events, conference room facilities and a secure 200 space car park.


Joan Heggie, of the British Steel Archive Project at Teesside University, said: “The Cargo Fleet building is one of very few left in the area which connects people to Teesside's important iron and steel heritage. The heritage centre could be a conduit helping reconnect the physical structure with documents, plans, photographs and business records held at Teesside Archives about the building itself, the industry, the people of Cargo Fleet as well as the wider geographical area over the last 150 years.


For further information about the Cargo Fleet please contact Python Properties on 01642 225100 or visit www.pythonproperties.co.uk.


 

 
 
 

     Good quality accommodation at affordable prices. Python are leading this charge at the centre of town. Martin & Peter really do represent the best ends of the Landlords that are available in the Tees Valley they really have the Tees Valley and its interests at heart. I think they are real future thinkers about the way they think about developing a certain property in the town

Mark Elliott (Director)
DigitalCity, Middlesbrough

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