Highcross acquires Teesside Business Park in £10m deal

62 acre site provides 127,000 sq ft of office and R&D/technology buildings

Article posted: 19 Apr 2011

Highcross has acquired the Belasis Hall Business Park in the North East of England in a £10m deal.

The business park comprises 127,000 sq ft of R&D/technology and office space in County Durham on a 62-acre landscaped parkland site, 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, ABB Ltd and QSI Group.

Richard Pellatt, Director of Highcross' Northern office commented: "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 offices in Leeds, Hull, Sheffield 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.

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Posted by Jo