Fusion Hive is set to accelerate the growth of Tees Valley’s digital economy when it opens this summer (2015), and construction took a big step today (16th March) as the building was officially topped out.
The impressive business and innovation centre has been built specifically for new and growing digital and technology companies. Much more than just office space, Fusion Hive will give its business tenants the best possible opportunity for growth.
Managed by Teesside University, the facility will equip tenants with high-tech modern workspace, along with access to the University’s established business networks, expertise and innovation services.
Fusion Hive has been developed in conjunction with Stockton Borough Council, who will provide opportunities for potential rates relief and access to other forms of funding support.
Situated at the heart of Stockton’s Northshore area, Fusion Hive is being built on land owned by the Homes and Communities Agency (HCA), who have invested nearly £3million in the project. This HCA funding has been matched by a similar investment from the European Regional Development Fund (ERDF), enabling the development to go ahead.
The development is being led by Muse Developments, one of the country’s leading names in urban regeneration, as part of the wider redevelopment of Stockton’s Northshore area. The physical build of Fusion Hive is being carried out by Esh Build, part of the Esh Group, who are approaching completion of the project
Fusion Hive is a three-storey, 36,000 sq ft facility offering flexible working spaces for around 60 small and medium sized enterprises in the digital and scientific sectors. Innovative open spaces for collaborative working will help like-minded businesses to interact, network and work together.
Fusion Hive will support the growth and development of some of Tees Valley’s most innovative fledgling companies, and is set to have a real impact on not only the Tees Valley’s economy but the North East as a whole.
Simon Dew, Senior Development Surveyor, Muse Developments: ““It’s great to see Fusion Hive one step nearer to completion. When finished, it will be a fantastic addition to the wider Northshore regeneration scheme, providing flexible and high quality accommodation for start-up businesses. With Thirteen Group’s new office now completed, Northshore is well on its way to becoming a thriving commercial hub.”
Laura Woods, Director of Academic Enterprise at Teesside University, added: “At Teesside University, we have helped some of the region’s most exciting and successful businesses to grow.
“Fusion Hive represents a fantastic opportunity to grow our portfolio of services.
“Not only will SMEs at Fusion Hive benefit from a state-of the-art working environment but they’ll also have access to the University’s resources, knowledge base and talent and our proven expertise at helping companies to succeed.”
Marie Kiddell, Area manager at the Homes and communities Agency said:
“Topping out the second office building at Northshore shows the difference we are making in Stockton with our partners. This building will allow the University to offer SMEs the facilities they need to thrive and grow creating a key element of the long term future for Northshore.”
Stockton Council’s Cabinet Member for Regeneration and Transport, Councillor Mike Smith, said: “This fantastic, modern facility in its enviable riverside location will offer small and medium sized businesses all the help and support they need to grow.
“This area has a fine tradition in innovation and by providing high quality business accommodation like this, we can ensure that it continues for generations to come, and in exciting, rapidly developing fields such as digital and technology.
“With its spectacular setting, University backing and opportunities to network with similar businesses, it’s hardly surprising that companies are already showing a strong interest in setting up home here.”
When complete, Northshore will provide up to 450,000 sq ft of offices, up to 85,000 sq ft retail, leisure space, a new hotel and up to 126 family houses, all set within a high quality riverside environment. The scheme will re-connect and re-orientate the town with the River Tees and create nearly 4,500 new jobs.
The European Regional Development Fund Competitiveness Programme 2007-13 is bringing over £300m into North East England to support innovation, enterprise and business support. It will help create and safeguard 28,000 new jobs, start 3,000 new businesses and increase the productivity by £1.1bn per annum.
If you are a small or medium sized enterprise and you are interested in joining the Fusion Hive visit www.fusionhive.co.uk or call 01642 384400 for further information.