A 36-acre Teesside site is at the centre of a fresh development which could create 400 new jobs for the area.
The land, located at the junction of the A19 and Portrack Lane in Stockton now being named Dynamo Park, has been snapped up by Canmoor Developments, a London-based development and asset management company.
Following a number of offers, Canmoor sealed the deal and plans to develop industrial and distribution premises ranging from 35,000 to 482,000 sq ft.
HTA Real Estate brought the business to market on the instruction of Claymore Investment Management.
Neal Shegog, of Claymore, said: “Since late 2015 we have been working on behalf of administrators to prepare the land for sale.
“With very limited information available on the site, we are delighted to have enabled its sale, as a whole, to a developer of Canmoor’s calibre. The sale of a site of this size is a notable fillip for the North-East market.”
HTA has now been appointed by Canmoor alongside Cushman and Wakefield, as joint letting agent for the new development.
Russell Taylor, director at HTA Real Estate, said: “Given the strategic importance of the site, we are very pleased to have concluded this transaction with a highly regarded developer who has exciting plans.
“Dynamo Park will provide much needed new industrial stock on the A19 corridor and we have already had positive discussions with occupiers interested in committing to design and build opportunities.”
Canmoor was established in 2005 and has undertaken a diverse range of commercial development and investment projects throughout the UK.
Jules Benkert, director at Canmoor, added: “We are currently working on our plans for Dynamo Park and given the highly visible position, fronting onto the A19, we believe our new units will attract a strong level of interest.
“There is limited availability of modern large-scale warehouse and logistics premises in the North East, so we believe that the scheme is well timed and we look forward to getting started.”