A former Teesside recycling centre has been brought back into use.
The 280,000 sq ft industrial complex in Macklin Avenue, on Billingham’s Cowpen Lane Industrial Estate, has been sold to Magnum Packaging.
This was a complex deal involving three parties which was successfully completed within five weeks.Richard Scott
The company is one of the largest importers and distributors of packaging products in the United Kingdom.
The Macklin Avenue building was formerly home to Sims Recycling Solutions.
Magnum Packaging has acquired the freehold interest in the development, which is comprised of two large industrial units on a site of 11.17 acres, from real estate investment management firm Vengrove for an undisclosed price.
The property was previously occupied by Sims Recycling Solutions, which has now moved to new premises.
Cushman & Wakefield acted on behalf of Sims to negotiate a surrender of the company’s lease for the site in conjunction with a back-to-back sale of the freehold to Magnum Packaging.
Richard Scott is a Partner in Cushman & Wakefield Logistics & Industrial team in Newcastle and worked on the agreement.
The three-way deal had allowed Magnum Packaging to expand while also freeing Sims Recycling Solutions to move to premises better suited to its needs and cut its expenditure.
“We are delighted to have completed the disposal of this building to Magnum Packaging,” he said.
“This was a complex deal involving three parties which was successfully completed within five weeks.
“It has allowed Sims to significantly reduce their costs and relocate to more suitable premises.”