NORTH East lawyers acted for a London-based client in the successful sale of a Teesside business park for £10m.
A multi-disciplinary team from Crutes completed the sale of Belasis Hall Business Park on behalf of St George’s Securities – SGS.
Crutes lawyers, from its Newcastle and Teesside offices advised on both the property and corporate elements of the sale, which completed on April 1.
The deal saw Berkshire-based property fund manager Highcross acquire Belasis Hall in Billingham for £10m.
Crutes property team was led by Gareth Jones, partner and head of commercial property in the firm’s Teesside office.
Jones was assisted by property solicitor Ysanne Taylor.
The corporate team was led by Anne Spetch from the firm’s Newcastle office. The purchasers, Highcross, were advised by Shoosmiths of Nottingham.
Spetch said: “We were delighted to be instructed on such a high-profile transaction, and pleased to be given the opportunity to showcase the strength and breadth of the Crutes Business Services Team when handling a deal of this nature.”
Hazel Waters, director of SGS, said: “Crutes were already retained by us to advise us on all property transactions, so it was natural to turn to them for advice on a company sale and we were not disappointed. The sale of a property company is a far-from-easy transaction and we were very impressed with the way that Anne Spetch and Gareth Jones steered us through the labyrinth of paperwork to ensure that the deal remained on track.”
The Belasis Hall Business Park was built in the late 1980s and is located one mile from Billlingham town centre, with swift access to the A19 and the A66.
The park comprises 44 office and R&D/technology buildings, providing a total of 127,000sq ft of business space on a 62-acre parkland site.
The park is currently 95% occupied, with tenants including Johnson Matthey, ABB and QSI Group.
Richard Pellatt, director of Highcross’s Northern office, said: “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.”