Wear Business Wear Business Issue 1 | Page 18

WORDS: COLIN YOUNG MAIN PIC: CHRIS BOOTH DRIVING FORCE Business Durham is leading the way for economic prosperity in the region A fter confirming the identity of Jade Business Park’s first tenants, Business Durham leaders are now looking forward to welcoming other businesses to the ambitious new £14m site near Seaham. Business Durham, the economic development arm of Durham County Council, is playing a major part in bringing continued inward investment to the region with multi-million pound developments like Jade Business Park and others in the pipeline. With a wealth of business support and funding initiatives County Durham is firmly positioning itself as the place to invest, start and grow a business. Jade’s first tenants Sumitomo Electric Wirings Systems Europe, a division of global Japanese Fortune 500 corporation Sumitomo Electric Group, are one of the top tier of suppliers to the Nissan plant in Sunderland. They will move from their current Houghton-le-Spring distribution centre to 18 the 55-acre employment site in April 2020, in a major vote of confidence for the site. Sumitomo produces and distributes automotive wiring harnesses, fuse boxes, connectors and cables, with a turnover in excess of €700m and over 20,000 employees in Europe. The Japanese giant's expansion to the new Jade Business Park and seven- year lease agreement, will be part of the Durham County Council-owned site’s first development phase. Business Durham is in partnership with Highbridge Developments, the company behind a similar and successful scheme at Cobalt, North Tyneside, the largest office park in the UK. Peter McDowell, who manages 600,000 square feet of business premises as property and business services director at Business Durham, said: “Getting Sumitomo on board is massive boost for the project. It also means a third of the site was signed over immediately and you cannot look past the prestige of having a high-profile business like this for the first lease. “Jade is the ideal location for distribution, technology and advanced manufacturing businesses like Sumitomo, just a minute from the A19, giving excellent access to Tees Valley, Sunderland, Durham and Newcastle with multi-model transport access to the rest of the UK and beyond. “In the past the private sector has helped to build projects like this but on this occasion we are doing it ourselves to stimulate activity and growth. This is a very promising start for us, we are looking forward to building on Sumitomo’s arrival and welcoming more tenants in the near future.” Work has started on the seven new industrial units at Jade Park, which is the equivalent to 155,000 sq ft of new space and ideal for distribution, technology and advanced manufacturing businesses looking to expand or relocate. The creation of the business park within minutes of an approved, improved and widened A19 junction, is another opportunity for Business Durham to encourage several of the county’s thriving