Member Article

Darlington's Lingfield Point sold in £23.5 million deal

Darlington property development Lingfield Point has been sold in a £23.45 million.

The new owner is a Fund managed by Clearbell, an independently-owned private equity real estate fund management and advisory business, specialising in UK property investment, development and asset management.

Clearbell’s investment in Lingfield Point will build on the success of the site as a regional mixed use hub.

The combined businesses based at Lingfield Point employ more than 2,500 people.

Marchday bought Lingfield Point in 1998 and has since invested millions of pounds in upgrading the office space to reflect its history as the world’s largest wool factory, Patons and Baldwins.

Director at Marchday, John Orchard, said: “Lingfield Point is a really special place and we wanted everything to be just right – not a pale reflection of our initial aspirations - and I can honestly say we have achieved that.

“Last year also saw the opening of the first new homes at Lingfield Point, which was the fulfilment of our ambition of turning the clock back to people living on site again as they did in the heyday of Patons and Baldwins.

“It has been part of our lives for so long that this was not an easy decision to make – however, it is the right one. It is time to pass on the baton.”

This was posted in Bdaily's Members' News section by Ellen Forster .