Regeneration specialists Trevor Cartner and Chris Musgrave have bought the Fawdon pharmaceutical site in Newcastle.
The 19.3-acre site comprises more than 400,000 sq ft of laboratory, manufacturing and office space, and will be redeveloped into a multi-tenanted science and technology park to be renamed Northumbria Park.
The purchase comes after 450 people lost their jobs when French global healthcare firm Sanofi decided to move production overseas.
Although not on the same scale as Pfizer’s move from Discovery Park (pictured), Northumbria Park adds to the duo’s property portfolio which includes Wynyard Park and Manston Airport, renamed Stone Hill Park.
Stone Hill Park proposals include plans to build 2,500 homes and a business park, with the aim of bringing 5,600 new people to the area and creating 16,000 direct and indirect jobs. Further public consultation will start this month.