AN office development in the region has been sold for more than £15m.
Scarborough Property Company, which has owned Dunedin House, at Teesdale Business Park, Stockton, for ten years, sold it to Standard Life Investments for £15.45m.
Although Scarborough would not say how much it bought the office building for ten years ago, it is believed to have made millions of pounds from the sale.
The building, which provides more than 9,000sq ft of office space, is home to businesses and organisations such as Cummins Engine Company, First Choice Holidays and the offices of the Secretary of State for the Environment.
New owners Standard Life Investments will receive nearly £1m a year in rent.
Scarborough Property Company was represented by national commercial property company Lambert Smith Hampton and Storeys: ssp, based in Teesside.
Published: 24/08/2004
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