A DEAL worth about ten million pounds has seen Northumberland Estates buy a significant stake in Wynyard Business Park, near Billingham.

The company which manages the business interests of the Duke of Northumberland has taken ownership of commercial property interests on 80 acres of land including Wynyard Park House, Evolution and the Business Village.

Northumberland Estates and Wynyard Park have also entered into a joint venture agreement on a further 100 acres of adjacent land zoned for development with a view to future investment at the site.

The Northumberland Estates purchase includes 100,000sq ft of office space and around 1.6m sq ft of industrial space all let to about 60 tenants.

Occupiers include national as well as regional businesses such as Conoco Phillips, Wood Group, BP, Cleveland Police, Dunedin, Glamal Engineering, Nortec Oil and Gas, Gleeson Developments and Balfour Beatty.

Wynyard Park retains ownership of the majority of the wider estate – 700 acres including office and industrial space accommodating Huntsman, Ensub and Barrier Architectural. Development is also well underway on the construction of more than 1,000 homes and supporting facilities to create a high-quality mixed use development.

Colin Davidson, commercial property director at Northumberland Estates, said: "This is an exciting purchase for us and one which underlines a serious commitment to continued property investment in the region.

"The Business Park fits well with our existing portfolio of managed properties and the development land compliments our development pipeline. Through this we hope to further our construction plans in a way which is commensurate with market demand and so continue to bring jobs and new business both to Teeside and to the region."

Anthony Cape, asset manager at Northumberland Estates, is responsible for the day to day operation of the new addition to their portfolio. He said: "All of those involved in this project have the same vision – to create a thriving and dynamic community, and this will be at the heart of plans for future development."

Matt Johnson, development director at Wynyard Park, said: "We are delighted to have Northumberland Estates on board as a part of our exciting plans for the future development of this important site.

"Wynyard Park is now an important employment centre for Teeside and one which we hope will continue to grow and thrive as plans unfold."