A significant stake in the Wynyard Business Park near Billingham in the Tees Valley has been purchased from Wynyard Park by Northumberland Estates. A deal worth around £10 million sees ownership of commercial property interests on 80 acres of land including, Wynyard Park House, Evolution and the Business Village transferred to us.
In addition, Northumberland Estates and Wynyard Park have entered into a joint venture agreement on a further 100 acres of adjacent land zoned for development with a view to further investment in the site in the longer term.
The Northumberland Estates purchase includes 100,000 sq ft of office space and around 1.6 million sq ft of industrial all 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.
Wynyard Park retain ownership of the majority of the wider estate with over 700 acres including office and industrial space accommodating Huntsman, Ensub and Barrier Architectural. Development is also well underway on the construction of over 1000 homes and supporting facilities to create a high quality mixed use development.
“This is an exciting purchase for us and one which underlines a serious commitment to continued property investment in the region,” says Colin Davidson, Commercial Property Director. “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, Asset Manager at Northumberland Estates is responsible for the day to day operation of this new addition to the portfolio “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. ”
“We are delighted to have Northumberland Estates on board as a part of our exciting plans for the future development of this important site,” said Matt Johnson, Development Director at Wynyard Park. “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 Teeside and one which we hope will continue to grow and thrive as plans unfold.”
To enquire about availability at Wynyard Business Park please contact Stephen Brown, Dodds Brown, 0164 244130 or Patrick Matheson/Rebecca Maddison, Knight Frank, 0191 5945015.