Investment completes sale of Cleveland Business Centre
May 2016
Our Investment Agency team has sold a multi-let office building in Middlesbrough on behalf of long standing client, Buccleuch Property.
The property has been acquired by local property company, Linthorpe Developments, who have now commenced a comprehensive refurbishment with the aim of attracting further tenants.
The 30,000 sq.ft office building located on Watson Street in Middlesbrough town centre is already home to ten businesses, and now Linthorpe Developments has plans to create a gym for staff and their families and new conference facilities.
Managing Director of Linthorpe Developments, Geoff Hogg, wants to attract established firms as well as start-ups to the town – particularly from the legal and IT sectors, and says the scheme is already attracting new tenants.
He said: “The centre is already home to a number of businesses from professional services, including barristers and law firms, and following investment in IT infrastructure amongst other amenities, this will make Cleveland Business Centre an ideal location for established firms as well as start-ups.
“It has massive potential and we are already receiving a great deal of interest amongst potential tenants, which will hopefully lead to the creation of jobs and more businesses coming to Middlesbrough, giving a welcome boost to our local economy.”
Fergus Laird, head of investment at Naylors, who brokered the sale added: “The building is an excellent opportunity but we were instructed to sell it by Buccleuch as it no longer matched their long-term investment criteria. We have managed the building for them for nearly ten years and I am sure that new owners, Linthorpe Developments, will enjoy a great deal of success thanks to the investment they are making.”