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LONDON-Highbridge Properties has bought an additional 40 acres to create the UK’s largest office park near Newcastle. The deal, funded by Royal Bank of Scotland, means the total size of Cobalt Business Park is now 130 acres. Developers plan to provide a total of 2.3 million sf of offices with an end development value of euro 724 million ($967 million).

A new road will also be built from north to south to link the Coast Road and the dual carriageway to the business park. Ian Parker, of joint letting agents GVA Grimley, says that, “This acquisition consolidates Cobalt as the largest pure office park in the UK and is a further sign of the developer’s confidence in this scheme.”

The latest phase of 176,500 sf in three office buildings has now been completed and is being offered to the market. The development also benefits from tax breaks linked to regeneration and based on a special Enterprise Zone designation. The designation followed the decision of Siemens electronics company to pull out of the North East. Highbridge bought the site next to its Cobalt Business Park and then added another 52 acres from electronics company Atmel.

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