A large chunk of Aycliffe Business Park is under new ownership.
Langton Business Centre, in between Durham Way South and North, has been acquired by the MCR Property Group in a £1.85m deal.
Commercial property specialist Naylors sold the industrial facility to the Manchester-based investment and development company, on behalf of South Street Capital.
It means MCR Property, which two years ago acquired another large part of the estate, Whinbank Park, is now one of the biggest land owners on Aycliffe Business Park.
Langton Business Centre sits on a 10-acre site and was originally built in the 1970s. The property has subsequently been subdivided into individual units and has over a dozen tenants in occupation including Gestamp Tallent and Husqvarna UK.
Since 2014, the investment had been in the hands of South Street Capital, a London-based provider of asset management and multi-family office services for private and institutional clients, on behalf of an overseas investor.
With a total area of 188,000 sq ft, Langton Business Centre carries a rental income of over £257,000 a year.
Chris Donabie, director at Naylors, said: “Langton Business Centre has proved to be a sought after investment and we are pleased to have completed a very successful sale.
“The investment offers a number of opportunities to improve the income profile, such as letting the vacant accommodation and re-gearing leases.
“There are also 2.4 acres of development land which offers further scope for increasing the returns.”
James Harrison-Topham, investment director at South Street Capital UK, added: “As part of our active management strategy we were able to significantly increase the rental income of Langton Business Centre.
“There are a number of angles for further enhancement of the asset, which the new owners can pursue.”
