The Redforrest Group Ltd, including Astley Signs, has completed the purchase of units 3 and 4 (totalling 32,000 sq ft), together with the lease of the adjacent unit 2 (20,000 sq ft) at Queens Court, the recently completed development by Buildings for Business on Team Valley.

Queens Court is a mixed industrial and office development in the heart of Team Valley, on the former Dunlop factory site.

The site has been transformed from a dilapidated empty factory to offer four hybrid units of 3,300 sq ft, two offices of 2,700 sq ft and four large industrial units from 14,673 sqft up to 29,346sq ft.

Buildings for Business started work on the £7.5m development in late 2007, with completion in late 2008, and already over 75% is let/sold or under offer.

Gary Hudson, development director, said: “We have been working with Redforrest for over five years as an existing tenant within the estate to meet their longterm needs to expand and relocate to new modern premises when the time was right for them.

“We are delighted to welcome them to Queens Court and wish them every success in their brand new facilities.

“This is a new development providing over 100,000 sq ft of small office units, hybrid units and factories. Interest has been strong and two units are already occupied, with two others under offer, leaving only four available.

Queens Court represents another major development addition to the very successful Team Valley estate.”

David Redhead said: “Redforrest started as a company 20 years ago following a management buy-out with approximately ten employees – we have always operated from Team Valley and now employ over 100 people.

“We have continued to grow and expand and have a turnover of circa £10m.

“The group consists of Astley Signs, one of the UK’s leading signage manufacturers, the trade division Professional Sign Systems and the large format digital print division, Jigsaw.

David Cramond, director of capital development at One North East, said: “The former Dunlop site always had great potential, and I’m delighted that we have been able to work towards converting it into a thriving business centre.

“Queens Court will provide much-needed, high-quality office, workshop and industrial space for the region’s businesses, and it is great news that the Team Valley has retained such a successful company for over 20 years.”

Team Valley is still one of the greatest generators of wealth for the North-East.

At over 7m sqft, the Valley is estimated to be home to 24,000 employees and over 740 businesses and is still the largest industrial estate in the UK in single freehold ownership.

Michael Spriggs, chief executive of Buildings for Business, said: “This is great news for the region. The development has the potential to create 400 jobs and bring further success to the internationally recognised Team Valley.

“We were extremely pleased to re-house the Redforrest Group and wish them every success for the future.”

Queens Court is a high-specification development with individual industrial buildings with a dedicated entrance off Earlsway.

Set adjacent to the green open landscape areas of the River Team, it is within close proximity of the services offered by Maingate and Retail World. The site is located in close proximity to the break out space of the River Team’s walkway and landscape area and facilities such as hotel, shops and gym provided by the Maingate development.

Lettings surveyors for the remaining units at Queens Court are Naylors Chartered Surveyors and Knight Frank.