Newcastle-based property company, Adderstone Group, has completed the purchase of the Rivergreen Centre in one of the most significant investment deals of the year.
The award-winning Rivergreen Centre, located at Aykley Heads in Durham, comprises over 40,000 sq. ft. of office space and is home to Atom Bank who recently signed up to a 10-year lease over the entire site.
The building has been sold by original developers and long-time owners, Rivergreen Developments. Peter Candler of Rivergreen confirmed that: “Having developed and owned the building for many years its sale comes with a certain amount of regret but we will continue to manage the site on behalf of Atom Bank. We will also start to consider other major projects that we wish to devote our time and energy to. We are particularly proud of the awards the building has won for its environmentally friendly credentials.
“It is nice to see the Centre has passed to a responsible local landlord in Adderstone Group.”
The Rivergreen Centre is an environmentally sensitive, low impact office building that provides flexible, high specification, modern office space. It has been hailed for its design and impact and is a former winner of the RICS UK ‘Sustainable Building of the Year’ and has won a RIBA Design Award.
The building uses biofuel and innovative design to keep its environmental impact to a minimum and offers a high speed data network with excellent digital connectivity.
In recent months, the building has undergone small remodelling works, including making it more open plan, carried out at the request of Atom Bank to enable them to move their entire workforce to the site whilst also giving them plenty of room for growth.
Adderstone Group CEO, Ian Baggett said: “We are proud to add this award-winning development to our portfolio.”
Bill Lynn of agents Lambert Smith Hampton who acted for the vendor commented: “There is a shortage of good quality investment stock and we are not surprised to have sold this building so well. It proves that good quality stock always has a home and this is one of the best buildings I have sold in my career.”
