Development and investment company Opus North has bought a site opposite Halton Lea shopping centre in Runcorn for £3m.
The Ilkley-based company bought the 4-acre site, located in West Lane, from a private investor, which includes a two storey office building called Vestric House, previously occupied by Coventry-based AAH Pharmaceuticals. AAH has surrendered its 13-year lease on the 25,000 sq ft building.
Andrew Duncan, managing director of Opus North, said: "This is a tremendous development opportunity. Vestric House was falling into disrepair and it is our intention to demolish it and redevelop the whole site.
"This will create a new development area for central Runcorn, complementing the popular Halton Lea shopping centre. It will be the final part of the retail jigsaw for this part of the town and will create a number of much-needed jobs."
Duncan now heads Opus Land's northern division, after it was decided recently that the company's operations in the midlands and the north should be separated. Both divisions will continue to be backed by Palmer Capital Partners.
He added: "This was our first deal as Opus North and it is a cracking one to start off with. It a very satisfactory transaction for all parties and will breathe new life into a site which has been vacant for several years."