One of County Durham’s largest mixed use business centres has been acquired, with the new owners revealing details about their ambitious plans for it.
Lighthouse View Workspace at Spectrum Business Park in Seaham was purchased by Clearwater Developments.
The 75,000 sq. ft building is already home to a number of tenants and is currently around 40 per cent occupied.
However, Clearwater Developments owners Ranj Gill and Gursh Kahlon are confident that with their extensive knowledge of the commercial property landscape and their vast network of connections, they can attract the businesses that would take the building to full occupancy.
Ranj Gill said: “We have had our eye on this building for some time and being able to acquire it as a partially occupied centre, with a good mix of commercial tenants, made the purchase particularly attractive for us.
“Lighthouse View is a stunning building, the flagship property at Spectrum Business Park, and affords tenants not only prime office space and ample car parking, but views that are second to none, all within close proximity to major road, rail, sea, and air links.
“What the building needs to achieve its full potential is owners that are hands on, that really understand the local landscape and can work closely with potential and existing tenants to give them the support they need to make the space work for them.
“In just a short space of time, we have made changes that have increased revenue and made the rental packages here more attractive.
“Our aim now is to turn it into a thriving business hub, home to dozens of tenants from a broad range of sectors which employ hundreds of people between them.”
Lighthouse View marks the third acquisition on Spectrum Business Park for Clearwater Developments, with the company already owning the adjacent Lighthouse Point, which is home to Fit24 and Addictions North East and UK, and Spectrum 5, which is another mixed use business centre that houses tenants including Think Eleven and L3 Optics.
Gursh Kahlon said: “As local businessmen we are incredibly proud to be playing a part in the regeneration of Seaham, bringing commercial business space that at one time stood empty and derelict back into full use.
“Spectrum Business Park is now regarded as one of the leading enterprise areas in the North East and, with the purchase and full occupancy of Lighthouse View, we can reinforce just what a fantastic and attractive area Seaham is.”
Lighthouse View is currently home to around 30 tenants including Cage Group, Ellwood Estates, Cage Group, Metcalfe’s and Eco 35, Rethink Mental Illness, Norther Lights Learning Trust, Essential Care and Support, REM and Let It Bee Bistro, which is located in the ground floor reception area.
