A commercial property investor has purchased a 31,000 sq ft unit on Seaham’s Spectrum Business Park in a £1.5m deal.

CRT Property Investments, a subsidiary of the Coalfields Regeneration Trust (CRT), has acquired Phase II of Lighthouse View, a modern office building situated on the coastal business park just outside of Seaham town centre.

CRT is an organisation dedicated to supporting former mining towns and villages throughout the UK.

Blue Marble Asset Management provided support and advice to CRT Property in sourcing the acquisition, with the Newcastle office of GVA representing it in the purchase. Real estate consultants Knight Frank acted on behalf of the vendor.

The property, which is positioned near the entrance of the business park and has 106 car parking spaces, is securely let to the Ministry of Housing, Communities and Local Government on a 25-year lease.

CRT Property investments and development director, Shaun O’Brien, said: “This is another excellent addition to our portfolio and is a great example of the investments that can be made in coalfield communities. Not only do we now own a 31,000 sqft building on a busy business park, but we also benefit from having a secure tenant in occupation.

“We hope that through our example other property developers and investors will realise the value that can be derived from developing and purchasing buildings in former mining areas.”

Source (Insider Media) – https://www.insidermedia.com/insider/northeast/coalfields-regeneration-trust-acquires-seaham-office-building