BUSINESS premises used by a high street retailers in Billingham have been bought for £16.7m.
The town centre buildings, which make up almost half of a shopping precinct, have been sold by Stockton Borough Council to Stockland Halladale.
The purchase consists of seven blocks totalling 170,000sq ft, and businesses include Asda, Dorothy Perkins, Boyes, Bon Marche and Mackays.
David Lockhart, executive chairman of Stockland Halladale, said: "This acquisition is Stockland Halladale's second significant investment in Billingham in under a year and increases our outlay in the town centre to some £32m."
Last September, the property group spent £15.25m on 58 units in the north and west areas of Billingham's central square.
Mr Lockhart said "We will leverage our development expertise to complete a major refurbishment and redevelopment to create a high-quality retail centre with improved shopping facilities, secure parking, attractive landscaping."
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