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First Industrial purchases County Durham real estate
First Industrial Developments is to purchase a 540-acre commercial property site in County Durham.
The firm has agreed terms with developer David Abrahams - who trades as David Martin and was at the centre of the Labour Party's 'donorgate' incident in 2007 - to acquire the Durham Green Business Park, Property Week reports.
This is the second acquisition to be made by First Industrial since it was established three months ago by former ProLogis directors Matt Byrom and Ken Hall and Mr Byrom said the site has a positive future.
"We believe the park's direct connectivity onto the East Coast mainline will be of particular interest to the larger national occupier," he was quoted as saying.
He added that, once redevelopment of the area is complete, it will have a "tremendous" positive impact on the gross domestic product of the region.
During their time at ProLogis, the pair helped with the redevelopment of commercial property sites in Leeds, Bradford, Birmingham and Northampton, among others.
The firm has agreed terms with developer David Abrahams - who trades as David Martin and was at the centre of the Labour Party's 'donorgate' incident in 2007 - to acquire the Durham Green Business Park, Property Week reports.
This is the second acquisition to be made by First Industrial since it was established three months ago by former ProLogis directors Matt Byrom and Ken Hall and Mr Byrom said the site has a positive future.
"We believe the park's direct connectivity onto the East Coast mainline will be of particular interest to the larger national occupier," he was quoted as saying.
He added that, once redevelopment of the area is complete, it will have a "tremendous" positive impact on the gross domestic product of the region.
During their time at ProLogis, the pair helped with the redevelopment of commercial property sites in Leeds, Bradford, Birmingham and Northampton, among others.
Thu, 4th Mar 2010