A COMMERCIAL hub on a busy industrial estate has a new owner.

Langton Business Centre has been bought by MCR Property Group.

The building, based on Newton Aycliffe Business Park, in County Durham, was valued at £1.85m.

However, MCR has not revealed how much it paid for the hub, which was built in the 1970s and has various tenants, including lawnmower maker Husqvarna and car parts manufacturer Gestamp Tallent.

The site had been in the hands of South Street Capital, a Londonbased provider of asset management and multi-family office services, on behalf of an overseas investor.

However, bosses instructed commercial property agent Naylors to put the centre, which carries annual rental income of more than £250,000, on the market.

Chris Donabie, director at Naylors, said: “Langton Business Centre has proved to be a soughtafter investment and we are pleased to have completed a very successful sale. The investment offers opportunities to improve the income profile, such as letting the vacant accommodation and re-gearing leases.

“There are also 2.4 acres of development land, which offers further scope for increasing the returns.”

James Harrison-Topham, investment director at South Street Capital UK, added: “We were able to significantly increase the rental income of Langton Business Centre. There are a number of angles for enhancement, which the new owners can pursue.”