Teesside Industrial site sold in three-way deal

A 280,000 sq ft industrial complex on Cowpen Lane Industrial Estate, Billingham has been sold to Magnum Packaging, one of the largest importers and distributors of packaging products in the UK.

The company has acquired the freehold interest in the site, which comprises two large industrial units on a site of 11.17 acre from real estate investment management firm, Vengrove for an undisclosed price.

The property was previously occupied by Sims Recycling Solutions. Cushman & Wakefield acted on behalf of Sims to negotiate a surrender of its lease in conjunction with a back to back sale of the freehold to Magnum.

Richard Scott, Partner in Cushman & Wakefield Logistics & Industrial team in Newcastle commented: “We are delighted to have completed the disposal of this building to Magnum Packaging. This was a complex deal involving three parties which was successfully completed within five weeks and has allowed Sims to significantly reduce their costs and relocate to more suitable premises.”