JK advised the Tees Valley Combined Authority and Tees Valley Mayor on the formation of a joint venture with a developer, for a 270-acre distribution and logistics development to the south of Teesside International Airport. The key challenge was to improve the asset value of the site to ensure a viable development.
We advised on the acquisition of land for a new access road, created a master plan and established a viable development framework, supported the selection of the preferred developer, before advising on the formation of a joint venture company between the TVCA and developer. It took about three months to establish a viable scheme for some 3 million sq. ft. of space. Stakeholder discussions and interviews of potential investors/developers took one month, and the preferred developer was appointed, with the special purpose vehicle established between TIA and the developer within a month. This project was fast-tracked and, with planning consent, work started within 12 months from the commencement of negotiation.
"Due to the smoothness of the process and negotiations, all parties involved have been able to create a strategic transport hub around the airport to support economic growth and job creation for the Tees Valley Region and the wider area."
Due to the smoothness of the process and negotiations, all parties involved have been able to create a strategic transport hub around the airport to support economic growth and job creation for the Tees Valley Region and the wider area. The value of the completed scheme is estimated to be around £300 million.
“Tees Valley Combined Authority worked closely with JK Property Consultancy on the purchase of Teesside International Airport and on the development of the Southside business park on the site. At every stage, they were efficient, professional and thorough, helping us to easily navigate a complex and high-profile acquisition. I’d like to thank them for their assistance and would have no hesitation in wholeheartedly recommending their service."
Chief Executive, Tees Valley Combined Authority