North East property developer acquires commercial Teeside office

Newcastle-based Lugano Group recently acquired Onyx House, a modern, high specification office located on a key commercial estate at the heart of Teesside.

The 13,126 sq. ft. office building is based on Portrack Interchange Business Park in Stockton-On-Tees; a principal commercial hub on Teesside, combining offices, trade counter, retail and industrial uses, with access to the regional road network.

The Lugano Group is one of the largest investment and development businesses in the North East, with a land and property bank in excess of £120m, with properties from Northumberland down to Staffordshire.

Among its assets are the Kensington House Aparthotel and the former Gresham Hotel in Jesmond, Newcastle, properties at High Bridge and Gallowgate in Newcastle City Centre, Moongate House on Team Valley and the 2,500 acres Dissington Estate in Northumberland.

The Lugano Group instructed Newcastle law firm Mincoffs Solicitors to oversee the acquisition, led by Commercial Property Partner Ryan Bannon and assisted by Associate Solicitor Claire Catterson.

Richard Robson, chairman of the Lugano Group said: “Onyx House is a very high quality office building in a good location and in excellent condition.

“This is a significant addition to our commercial portfolio and we are in discussions on both other possible acquisitions as well as several significant projects within our existing properties.

“Mincoffs have played a critical role in advising and supporting us on this deal and they are an important and valued partner in delivering many of our projects.”

Ryan Bannon, partner at Mincoffs Solicitors, added: “We have worked with The Lugano Group for many years and are very pleased to have played a key role in acquiring this exciting property.”