London vs Tees Valley - closing the gap
London is the epicentre of the UK’s business world, remaining an admired place from which to operate a company. However currently, many UK firms are scrutinising their existing budgets in an effort to cut down on operational costs and find ways to maximise their spending power.
As a result North Shoring whereby businesses move operations from the South to the North, where it is easier to attract and retain talented staff and operating costs are lower, is becoming more and more popular.
Teesside has seen major investment recently in projects totalling over £500m. This has resulted in significant changes to the region’s economy, including the creation of over 4,000 new jobs, support for new and growing business, expanded learning and leisure opportunities, and the building of 7,000 new executive homes.
In a 2018 UK Consumer Powerhouse report, Middlesbrough town centre was named a 'UK Powerhouse', being described as one of the best performing centres in the UK. The report highlighted the town’s consumer sector as a key driver for economic growth.
Equally, Middlesbrough was named as one of Europe's top 10 small 'cities' by the Financial Times. The report asked the question “With Europe in flux, which locations have investment potential for the long haul?” – and Middlesbrough rated highly. Part of this title is down to the £22m Tees Advanced Manufacturing Park, which is aimed at high productivity, cutting-edge manufacturing companies looking for a prime location in one of the UK’s key regeneration areas.
The development of a world-first multi-billion-pound energy project on Teesside has also been welcomed by Tees Valley Mayor Ben Houchen. A consortium of six global energy giants have recently unveiled phase one of their plans to create a huge power plant on Teesside which will run on natural clean gas, showing the promise Teesside has a region for innovation.
There are also more links in and out of Teesside to the rest of the UK due to the growing transport infrastructure. A £20m grant to develop and extend Middlesbrough’s railway station has been agreed, with money going towards increasing capacity at the station ahead of the much-anticipated arrival of a direct London Service and express services to Newcastle.
Specifically within Teesside, as shown above, Middlesbrough is a prime location to do business. The town is easily accessible from major roads including the A1, A66 and A19, with a population of over 700,000 within a 30-minute drive. Middlesbrough offers high quality office space, a sustainable workforce, a 30,000-strong undergraduate base, a strong manufacturing and engineering supply chain, and a world-class digital media and technology sector.
The Centre Square development will create over 200,000 sq ft of Grade A office in the centre of Middlesbrough. These offices have been designed to provide the modern and attractive working environment that occupiers wish to provide at a location which offers easy access to a wide range of amenities and the public transport network. This will help staff to achieve a good work life balance and thus assist with recruitment and retention.
Teesside is a world-class region that’s snapping at the heels of its competitors, and it’s never been more evident that the area is becoming a real contender as a capital business district of the UK.
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If you’re feeling inspired by the regeneration of Centre Square, and the business potential of the region, or want to discover more about relocating your business to the North East, get in touch with our agents today.