£1bn business park step closer to reality (From The Northern Echo)

£1bn business park step closer to reality

9:38am Wednesday 18th November 2009 in

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MILLIONAIRE Labour donor David Abrahams’ plans for a £1bn business park have moved a step closer to becoming reality, with the appointment of an agent to the scheme.

Mr Abrahams, who is best known for making donations of more than £650,000 to the Labour Party using other people’s names, wants to build Durham Green Business Park, which could provide more than 5,000 jobs, on 570 acres near Bowburn, County Durham.

Now the Tyneside-based property developer has appointed Jones Lang LaSalle as joint leasing agents and strategic advisors on the project.

Mr Abrahams’ proposals for 92,000sq metres of business space on 76 acres of the site, close to junction 61 of the A1(M), were given planning permission by Durham County Council in May.

Jones Lang LaSalle is a London- based financial and professional services firm specialising in real estate.

Last night, Mr Abrahams said: “Jones Lang LaSalle has been selected largely because of their recognised position in the regional, national and international property market.

“Their appointment complements the existing letting team, of Naylors and WSB Property Consultants, and will play an important role in ensuring Durham Green becomes a sustainable, attractive and high-quality business environment.”

David Robinson, associate director in Jones Lang LaSalle’s national industrial and logistics team, said: “Durham Green is one of the largest development opportunities in the UK and only one of a handful that has the genuine potential for an on site rail freight terminal.

“This would link directly into the East Coast Main Line.

Jones Lang LaSalle will help to bring this unique site forward and we are excited by the prospect of working with the team to progress this flagship scheme.

“With economic conditions improving, the North-East commercial property market is showing increasing signs of activity with several large transactions on similar sites closing in recent months.”

Mr Robinson added his firm was already speaking to interested parties.

Mr Abrahams hit the headlines in November 2007 over proxy donations. A police investigation cleared him of any wrongdoing.

Questions were also raised over an earlier version of the Durham Green project. Police handed the inquiry to the district auditor, who found no wrongdoing.