A 36-acre development site in Teesside, has been sold by industrial property specialist, HTA Real Estate.
The fully serviced site, which is located at the junction of the A19 and Portrack Lane in Stockton-On-Tees, was brought to the market by HTA on the instruction of Claymore Investment Management.
Following a number of offers from interested parties, the site has been purchased by London-based development and asset management company, Canmoor Developments, who plan to develop industrial and distribution premises ranging from 35,000 to 482,000 sq.ft.
Neal Shegog of Claymore said: “Since late 2015 we have been working on behalf of administrators to prepare the land for sale. With very limited information available on the site, we are delighted to have enabled its sale, as a whole, to a developer of Canmoor’s calibre. The sale of a site of this size is a notable fillip for the North-East market”.
HTA has now been appointed by Canmoor alongside Cushman and Wakefield, as joint letting agent for the new development, which is to be known as Dynamo Park. Canmoor says it is considering some speculative development, but will also be looking to secure larger pre-let or pre-sale facilities.
Russell Taylor, director at HTA Real Estate said: “Given the strategic importance of the site, we are very pleased to have concluded this transaction with a highly regarded developer who has exciting plans.
“Dynamo Park will provide much needed new industrial stock on the A19 corridor and we have already had positive discussions with occupiers interested in committing to design and build opportunities.”
When completed, Dynamo Park is expected to create in the region of 400 new jobs.
Jules Benkert, director at Canmoor added: “We are currently working on our plans for Dynamo Park and given the highly visible position, fronting onto the A19, we believe our new units will attract a strong level of interest.
“There is limited availability of modern large-scale warehouse and logistics premises in the North East, so we believe that the scheme is well timed and we look forward to getting started.”