The final stage of a multi-million-pound new Northumberland headquarters for PII Pipeline Solutions, a subsidiary of Baker Hughes, a GE company (BHGE), has completed.
As well as delivering a 74,110 sq ft, two-storey office and manufacturing unit at North Nelson Industrial Estate in Cramlington, which opened in April last year, commercial property developer Stoford Developments has demolished PII Pipeline Solutions’ old, adjacent building and levelled the plot ready for future redevelopment.
The completion marks the final stage of the development for PII Pipeline Solutions, one of the industry leaders in inspection and integrity services for gas and liquid pipelines.
Matt Burgin, joint managing director at Birmingham-based Stoford, said: “We are delighted to have led this project and to have completed all associated works. PII Pipelines Solutions has a superb headquarters, which was designed specifically to meet its needs.
LXi REIT plc contracted on the pre-let forward funding acquisition of the property, with a total funding commitment of £11.09 million (excluding purchaser’s costs), reflecting a net initial yield of 5.75% on the asset acquisition. The property is pre-let to BHGE’s subsidiary, PII Ltd, whose lease obligations are guaranteed by its parent, GE UK Group.
PII Pipeline Solutions’ regional manager and site leader Kevin Johnson said: ““We are delighted to have completed the project on time and moved into our new facility. The facility will give us a platform to continue developing and building new technologies for the future and continue delivering innovative pipeline integrity solutions”
John White, partner of LXi REIT Advisors Limited, added: “This was a significant investment for the company, which signalled its commitment to the region by developing a new HQ and we’re confident that it will prove to be a great asset for PII Pipeline Solutions.”
Stoford Developments appointed Bowmer & Kirkland to complete all construction work, while PBM Demolition carried out all site demolition work.
North Nelson Industrial Estate in Cramlington is an established and mixed-use business. The site benefits from excellent road, rail and air connectivity with close proximity to the A1(M) as well as Newcastle International Airport and Newcastle city centre. Agents Cushman and Wakefield acted for PII Pipeline Solutions.