THE new owner of an award-winning business park has pledged to carry on the work of its predecessor after completing a £23.45m deal.

Lingfield Point in Darlington has been sold to a fund managed by Clearbell, an independently-owned private equity real estate fund management and advisory business, specialising in UK property investment, development and asset management.

Existing owner Marchday has transformed Lingfield Point from a disused, semi-derelict factory to one of the most sought-after business postcodes in the region – and won recognition for best practice in property management and a number of national awards.

Marchday bought Lingfield Point in 1998 and has since invested millions of pounds in sympathetically upgrading the office space to reflect its history as the world’s largest wool factory, Patons and Baldwins.

The company had ambitious plans for Lingfield Point and over the years saw them come to fruition. Now, having set it well on its way to regenerating the mixed use scheme, it was felt the time was right to sell.

The combined businesses based at Lingfield Point – which includes Amec, Student Loans Company, Capita and NFU Mutual - employ more than 2,500 people. The development hosted the nationally-acclaimed Festival of Thrift which this year attracted more than 27,000 visitors.

John Orchard, Marchday Director, said: “Lingfield Point is a really special place and we wanted everything to be just right – not a pale reflection of our initial aspirations - and I can honestly say we have achieved that.

“Last year also saw the opening of the first new homes at Lingfield Point, which was the fulfilment of our ambition of turning the clock back to people living on site again as they did in the heyday of Patons and Baldwins.

“It has been part of our lives for so long that this was not an easy decision to make – however, it is the right one. It is time to pass on the baton.”

The sale will see Clearbell pick up that baton – and take the site to the next phase of the masterplan.

Dominic Moore, Clearbell’s asset management director, will lead the management of Lingfield Point. He said: “The unique personality of Lingfield Point is one of the things that make it such an interesting addition to Clearbell’s portfolio – and the aim is to ensure that it not only remains intact but is also built upon.

“Clearbell will continue the creativity around the 90-acre site and hopes that, with ongoing investment, Lingfield Point will become a flagship for successful regeneration in the North-East – continuing to position Darlington as a great base for business.

“There will be no fundamental changes - the same onsite team will ensure the outstanding service standard is maintained and delivered with Lingfield Point’s typical flourish of creativity and quirkiness.”