New owner, real estate investment manager, Frogmore, purchased the Darlington business park on behalf of an investment fund it manages.
Previous owner Clearbell acquired our 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.
Having seen its work here 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 our 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.”