Highbridge Business Park, the property developer, has secured a £175m funding package from a syndicate of private investors to build a large data centre at Cobalt Park in north Tyneside.
Data centres are high-cost buildings designed to protect computer servers, and are seen as a resilient part of the property market given the continuing technology demands of businesses and government.
The 45,875 sq ft facility will be one of the most advanced in Europe. Building work on the shell will start later this year and the centre will be ready in March 2010. Cobalt has its own electrical connection directly to the National Grid.
The money has been raised through the Cobalt Data Centre Development Syndicate, a group of investors organised and managed by the tax specialist adviser Chancery Tax. The financing is secured and fully subscribed.
A plant building on the site will also be stripped and prepared as a second 38,750 sq ft data centre for owner-occupiers, with financial assistance available.
The data centre will form part of the 1.2m sq ft Cobalt office park in North Tyneside, also being developed by Highbridge. Cobalt is one the largest business park in the UK, with occupiers including Procter & Gamble, Orange, GE Money and DWP.
Guy Marsden, Highbridge director, said: “Having secured a funding package for such a development project in the recent difficult financial climate will enable capital intensive data centre projects to proceed at Cobalt.”
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