Member Article

Pneuma Group acquires Central Point in drive to revitalise Middlesbrough

The first in a series of commercial property acquisitions designed to breathe new life into Middlesbrough has been unveiled by Pneuma Group.

Central Point on Linthorpe Road has been acquired by the commercial property arm of the parent company of acclaimed Middlesbrough-based game development company Double Eleven.

The addition of the office block and multi-retail unit to its property portfolio comes only nine months after Pneuma Commercial Property was established and is the first of a number of planned property purchases across the town.

Pneuma Group’s Business Administrator Kay Kendall said: “It’s great to welcome Central Point building into the Pneuma Commercial Property portfolio. The building has a great range of tenants all with renowned reputations in the area. We’re delighted to be able to support them through the provision of excellent building management.”

Keith Nicholson, Managing Director of Pneuma Group, added: “We have a programme of work already devised to improve the building and are working with existing and new tenants to complete a fit-out in 2024 which will see the building fully occupied.

“We have been buoyed by the support and interest of the business community in Middlesbrough and their warm welcome as we take on this building.” Pneuma Commercial Property Group worked alongside the sellers, Lugano Group, to complete the sale.

Scott Munro, Planning Director for Lugano Developments Ltd commented: “We are delighted to have worked with the Pneuma team to complete this sale in record time and we are very pleased to see a local landlord take on the building into the next part of its life.

“We would like to thank the tenants and everyone in the building for their support and custodianship.”

Over the coming months the Pneuma Group team will be enhancing the building’s environmental standards in line with emerging legislation.

Rebecca Dawson, Partner at Burnetts Solicitors LLP acted on behalf of Pneuma Commercial Property for the transaction.

This was posted in Bdaily's Members' News section by Pneuma Group .