CRT Property Investments Ltd, the wholly owned subsidiary of the Coalfields Regeneration Trust, has purchased Phase II of Lighthouse View on Spectrum Business Park in Seaham for £1.5m.


With the support and advice of Blue Marble Asset Management (Blue Marble), CRT Property Investments Ltd has secured the property which is situated on the ever-improving business park just outside of Seaham town centre.


The Newcastle office of GVA represented CRT Property Investments Limited and Knight Frank acted on behalf of the vendor.


Positioned towards the entrance of the business park, within a courtyard of three buildings, the 31,050 sq ft two storey modern office building has 106 car parking spaces and is securely let to Secretary of State for Communities and Local Government on an FRI lease for 25-years which expires in 2026.


This purchase will be added to the growing portfolio of properties owned by CRT Property Investments Ltd reaffirming the objectives of the organisation; to create funds and redirect resource that will support the employment, skills and health of residents within coalfield communities.


Property Investments and Development Director for CRT Property Investments Ltd, Shaun O’Brien, comments: “This is another excellent addition to our portfolio and is a great example of the investments that can be made in coalfield communities. Not only do we now own a 31,000 sq ft building on a busy business park, but we also benefit from having a secure tenant in occupation.


“We hope that through our example other property developers and investors will realise the value that can be derived from developing and purchasing buildings in former mining areas. These were once thriving towns and villages and with the right support they will be once again. Seaham is just one area that is already proving that to be the case.”


Chief Executive of Blue Marble, Tim Matthews, said: “We are delighted to have been able to source this latest acquisition for CRT Property Investments Limited, particularly because it perfectly fulfils their underlying criteria of investment in former coalfield areas and yields a good return from an undoubted covenant”.


The Coalfields Regeneration Trust has shared plans for a £40m Coalfield Investment Proposition which would see government provide £30m and the organisation contribute £10m of its own resources. The fund would be used to develop new industrial space to support SME growth in former mining areas and on completion bring an estimated 1,000 jobs to the coalfields over the next five years.


As a result of these developments, over a 25-year period, the Coalfields Regeneration Trust would produce £50m in sustainable income which will be used to support social impact projects creating a wellbeing value of over £500m in the communities and a lasting legacy for the next generation.


An annual income stream of £2m would be directed into social impact projects in the communities, typically achieving the following outcomes; 400 people will be helped back into work; 800 people supported into volunteering; 5,000 people assisted with developing new skills and 8,000 people taking part in activities that improve health.