Clearbell Capital has sold the 85-acre Lingfield Point business park in Darlington to Frogmore for £44m.
The site, originally a wool factory, is part of a 20-year regeneration project in the area. Occupiers include the Student Loans Company and Capita, which leases both office and warehouse space at the business park.
Clearbell acquired Lingfield Point in November 2014 for £23.7m. The company’s subsequent asset management initiatives have included new infrastructure.
Dominic Moore, head of asset management and 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 are proud to have been involved in the development of such a historic site.”
Montagu Evans acted for Clearbell; Everton Philips acted for Frogmore.
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