Manufacturing & Office Space Acquired by Eatonfield Group
Eatonfield, the Cheshire based property developer, has exchanged contracts on a site in Devon which includes 56,000 sq. ft. of office space.
The 24-acre site offers a total of 184,000 sq. ft. across 17 separate buildings and had previously been used as a technology manufacturing facility and was owned by the Modus Property Group who slipped into administration last year.
Founded in 1998, the Eatonfield Group plc has expanded rapidly as a property developer, stating on its website that it continues to seek property development opportunities on greenfield and brownfield sites within both the commercial and residential sectors.
The site on which the manufacturing and office space is located had previously belonged to the Cheshire based developer, before being sold to the now collapsed Modus Property Group in 2007. At the time Eatonfield is said to have sold the site for a total of ┬ú10m, generating a ┬ú5m profit in the process. The price involved in this latest deal, which was agreed with Ernst & Young through their role of administrators, was not revealed.
In a statement quoted on thebusinessdesk.com Rob Lloyd, the chief executive of Eatonfield explained: “This transaction has taken a little longer than I hoped but I am delighted to have secured the deal and have a second bite of the cherry.”