DEVELOPER Terrace Hill has sold its Advance Building at Teesdale Business Park in Stockton for £2.4m to a private investor.

The building, in the St Mark's Basin area of the park, houses the Probation Service and the National Car Standards Commission.

Terrace Hill director Philip Leech believes the price obtained reflects both the strength of the regional property market as well as Terrace Hill's ability to offer a prime product at Teesdale.

He said: "Teesdale continues to make a significant contribution to the economy of the Tees Valley and the surrounding area.

"For a start, its location is ideal and provides direct access to the A66 and A19 dual carriageways with Teesside Airport just a short distance away.

"Added to this, rents have grown from under £10 per sq ft in 1997 to £15 per sq ft at the present time. So with this level of rental growth and the resulting potential for investors, it is understandable why the business park continues to attract many blue chip organisations."

Terrace Hill is close to completing its latest building on the business park.

The 24.327sq ft Westminster building will be ready for occupation early next month.

The building, which features a glazed central atrium, full access raised floors and full air conditioning, has a waterside location next to high profile occupiers such as the Inland Revenue, the DVLA and Petroplus.

The second floor has already been let, leaving 16,238sq ft on the ground and first floors with 60 parking spaces available.