April 18, 2011
Highcross has acquired the Belasis Hall Business Park in Billingham, Teesside, in a £10 million deal.
The business park, which includes 44 high quality office and R&D/technology buildings, provides a total of 127,000 sq ft of business space. Located on a 62-acre landscaped parkland site, the scheme is around four miles from both Stockton-on-Tees and Middlesbrough.
Highcross has acquired the development from St George’s Securities. Currently 95% occupied, the business park’s tenants include Johnson Matthey Plc, Tyne Tees Television, ABB Ltd and QSI Group.
Richard Pellatt, Director of Highcross’ Northern office comments: “Belasis Hall Business Park is an attractive, multi-let scheme in an excellent location in the heart of Teesside. The high occupancy levels, flexible, good quality accommodation and opportunities for rental growth were key factors in the acquisition.”
The deal is the second major purchase by Highcross’ Northern regional team in the last month. In March, it acquired a £9m portfolio, including office schemes in Hull, Sheffield, Leeds and Preston, and Highcross is actively looking for further investment opportunities in established regional locations.
The Belasis Hall Business Park was built in the late 1980s and is located one mile from Billlingham town centre, with easy access to the A19 (A66). The pavilion-style buildings range in size from 396 sq ft to almost 18,000 sq ft, and the scheme also includes a 1.67 acre development site.
Highcross was advised by Brackenridge Hanson Tate and Johnson McCartney acted for St George’s Securities.