The Duke of Northumberland’s business wing has spent £10m on buying a stake in one of the North East’s top business parks.
Northumberland Estates has bought commercial property interests at Wynyard Park, on Teesside, which includes Wynyard Park House, Evolution and the Business Village.
The Estates and Wynyard Park have also entered into a joint venture agreement on a further 100 acres of land zoned for development with a view to further investment at the site in the longer term.
The Wynyard purchase includes 100,000 sq ft of office space and around 1.6m sq ft of industrial accommodation which is currently let to around 60 individual tenants.
Occupiers include national as well as regional businesses such as Conoco Phillips, Wood Group, BP, Cleveland Police, Dunedin, Glamal Engineering, Nortec Oil and Gas, Gleeson Developments and Balfour Beatty.
The deal sees Wynyard Park retain ownership of the majority of the wider estate, which comprises 700 acres including office and industrial space accommodating Huntsman, Ensub and Barrier Architectural.
Development is also under way on the construction of more than 1,000 homes and supporting facilities to create a high quality mixed use development.
Colin Davidson, commercial property director at Northumberland Estates, said: “This is an exciting purchase for us and one which underlines a serious commitment to continued property investment in the region.
“The Business Park fits well with our existing portfolio of managed properties and the development land compliments our development pipeline. Through this we hope to further our construction plans in a way which is commensurate with market demand and so continue to bring jobs and new business both to Teeside and to the region.
Anthony Cape, the Estates’ asset manager, said: “The philosophy at Wynyard fits well with the Northumberland Estates ethos. All of those involved in this project have the same vision – to create a thriving and dynamic community, and this will be at the heart of plans for future development.”
The Northumberland Estates represents the business interests of the Duke of Northumberland and the Percy family.
It has a wide portfolio of commercial, residential and agricultural properties, mostly in the North East, but also including other sites in England and Scotland.
Matt Johnson, development director at Wynyard Park, said: “We are delighted to have Northumberland Estates on board as a part of our exciting plans for the future development of this important site.
“Our vision has always been to create a unique community where people could work, rest and play. Having set the scene with delivery of over one million sq ft of commercial accommodation through which we have been able to attract a diverse range of multi disciplined occupiers to the site, more recent plans have seen planning attained and construction commence for several hundred homes, supporting facilities and services.
“Wynyard Park is now an important employment centre for Teesside and one which we hope will continue to grow and thrive as plans unfold.”
Original article from Chronicle Live (18 Jan 2016)