A massive property deal for the North East has seen Darlington business park Lingfield Point change hands in a £44 million pound acquisition.
New owner, real estate investment manager, Frogmore, purchased Lingfield Point on behalf of an investment fund it manages.
The 85-acre business park is currently home to 51 businesses in its award-winning office spaces. It also includes warehousing and commercial premises such as a café and child care nursery.
The park, located just two miles east of Darlington town centre and with immediate access to the A66, is home to a number of well-known businesses including the Student Loans Company, Capita and Wood Group.
It has an illustrious history as a place to do business and was originally Paton and Baldwins, the world’s biggest wool company.
Seventeen years ago the site started its journey of transformation – with the then disused industrial space being regenerated and recycled into BOC award winning offices.
The businesses based at Lingfield Point together employ more than 3,000 people. They enjoy a wide range of facilities and services, including 24 hour concierge and state-of-the-art security.
Previous owner Clearbell acquired the site in November 2014 for £23.7 million and has since helped it grow into one of the most sought-after business postcodes in the region – securing a series of long term lettings and undertaking other asset management initiatives.
Having seen its work at Lingfield Point come to fruition, Clearbell felt the time was right to sell.
Dominic Moore, head of asset management ESG director at Clearbell, said: “The business community in the North East is thriving and Lingfield Point is perfectly positioned to benefit from this buzz.
“There has been sustained tenant demand over the past few years highlighting confidence in the North East as a place to do business.
“As businesses continue to demand more from their offices Lingfield Point is ushering in a new generation of modern workspaces. We’re proud to have been involved in the development of such a historic site.”
The sale will see Clearbell hand the baton over to Frogmore – which will build on the success of the site as a regional mixed use hub.
Patrick Smith, head of acquisitions at Frogmore, said: “This is an exciting opportunity for Frogmore to reinvigorate the award-winning site, engage with the community and provide further modern, relevant accommodation through our asset management expertise.
“Tees Valley is a well-connected area to which businesses are attracted and we look forward to providing innovative real estate solutions for their requirements.
“Lingfield Point provides a strong cash on cash return of over 10per cent with significant potential to add value as well as providing both sector and geographical diversification for our investors.”