In the latest issue of East Durham Business magazine, Ranj Gill and Gursh Kahlon from commercial property company Clearwater Developments talk about the current landscape within the sector, why mixed use developments are becoming increasingly popular and their latest acquisition, the 75,000 sq. ft Lighthouse View business centre in the heart of Seaham’s business community…
EDB. The commercial property landscape is evolving, and people have very different requirements now. Tell us more…
RG. Since the Covid-pandemic, things have changed significantly and what people expect from their commercial space is very different now.
During the pandemic people were forced to work from home which really brought flexible working to the forefront of how businesses operate. Many businesses realised that their staff could work as well, if not better, from home and it led to a real shift in focus.
The commercial property sector definitely took a hit for a while; however, we’re now working towards it getting back to full strength, albeit with a different look and feel.
Because employees have had that taste of home working, there’s an expectation that the office should provide a home from home feel – somewhere comfortable and welcoming, a relaxed space that encourages productivity and team building.
Dark, stuffy buildings are a thing of the past and instead it’s all about providing modern, clean spaces that bring more than just a desk and a kitchen.
EDB. There also seems to be a growing demand for mixed-use developments that offer leisure services as well as the traditional office space.
GK. Yes, there is. People want to be able to come to work and perhaps pop to the gym on their lunch break, or before or after work, and go for a light lunch without having to get in the car.
Take our Lighthouse View and Lighthouse Way developments, for example. Lighthouse Way houses Fit 24, a 24-hour gym that is proving a popular draw for many of our tenants, as well as the members who travel from elsewhere to use the facilities.
Then we also have the Let It Bee café, which is located on the ground floor of Lighthouse View. It provides freshly prepared hot and cold food, cakes and refreshments and is available for both tenants and the public.
It’s so popular and encourages footfall onto the site, which can only be a good thing.
We are also keen to explore other opportunities which would add to the overall offer to current and potential tenants.
EDB. You mentioned Lighthouse View, which is the most recent acquisition announced by Clearwater Developments. Tell us more about that.
RG. 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, 75,000 sq ft 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.
Currently it is around 40 per cent full, with a diverse mix of tenants, and our aim is to take it to full occupancy.
GK. 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.
Why do you think Seaham is proving so popular at the moment?
GK. The area definitely benefits from a fantastic coastal location, which is helping to attract lots of public and private sector investment. There’s also a great mix of businesses, housing and cafes and restaurants, which along with the likes of the Tommy statue and Seaham Food Festival, are brining a real boost to the town’s economy. There’s such a positive buzz in Seaham that it’s become an incredibly attractive option for investors and developers.
What is next for Clearwater Development?
RG. Our focus is to market the commercial space we have available at Spectrum 5 and Lighthouse View to attract the right sort of tenants. We’re also pursuing other options for the site which would really enhance the offering, however we’re a long way off anything being agreed.
GK. As a business, we’re always on the look out for new commercial and residential projects, particularly those that can play a part in the overall regeneration of Seaham. So, we’ll see what the future brings in terms of what comes next.
It’s an exciting time for Clearwater Developments.
