£1.5m deal will see former offices turned in to special needs school

Teesside independent commercial property consultants Dodds Brown has sold a 25,000 sq ft office building in Stockton for more than its asking price.

Acting on behalf of a private client, Dodds Brown sold the freehold of Innovation House on Yarm Road in Stockton – a three-storey, modern office building on a 3.5-acre site – to the Witherslack Group for a sum in excess of the quoting price of £1.5m.

Situated very close to the A66, Innovation House was constructed in the 1960s and has been substantially refurbished to provide quality office accommodation with extensive car parking and lawned areas, and until recently was occupied by one of the area’s leading firm of lawyers.

It is understood that the Witherslack Group intends to convert the existing building and site into a special needs school.

Dodds Brown senior partner Stephen Brown, who has worked in commercial property in Teesside for more than 30 years, says: “In the current market it is a real achievement to realise more than the asking price for any office building.

“Innovation House is in a good location, near to the A66, Preston Farm Business Park and a burgeoning retail and leisure area on Yarm Road itself, anchored by the new Lidl store.

“As a result, we had considerable interest in the property from a range of users and developers.”

 

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