Contracts have been signed on a site in Devon by Cheshire based developer Eatonfield for 56,000 square feet of office space.
The 17 separate buildings were used previously as facilities for technology manufacture. The site has 24-acres with 184,000 square feet in total and was previously owned by the Modus Property Group who last year went into administration.
The Eatonfield Group plc was founded in 1998 and has seen rapid expansion as a property developer, its website states that it will continue to seek development opportunities on greenfield and brownfield sites within the residential and commercial sectors.
The Cheshire based developer were the previous owners of the manufacturing and office space located which were then sold to Modus Property Group in 2007. The price agreed for the site at the time by Eatonfield was said to be a total of £10 million, which generated £5 million profit. The price agreed by administrators Ernst & Young for this sale has not been revealed.
Rob Lloyd, the chief executive of Eatonfield said, “This transaction has taken a little longer than I hoped but I am delighted to have secured the deal and have a second bit of the cherry.”