It’s full steam ahead for Stone Hill Park after it was announced today that two of the owners, Chris Musgrave and Trevor Cartner, have sold one of their other development sites – Discovery Park.
Along with Palmer Capital, the duo acquired Discovery Park in July 2012 after pharmaceutical giant, Pfizer, scaled back their operation.
From that starting point of just five companies on site and 15% occupancy, they have overseen the development of Discovery Park into one of Europe’s leading science, business and technology parks. The site now has 65% occupancy and is home to over 150 companies employing more than 2,400 people across a number of sectors. The booming science and technology site has now been bought by investment company Discovery Park Estates Ltd.
Stone Hill Park spokesman, Ray Mallon, said: “The strength of Chris and Trevor is in regeneration. When they acquired Discovery Park in 2012 it was always the intention that once the business park had been established they would move on to new ventures.
“The success of the site has been such that that stage has been reached perhaps a year ahead of schedule.”
Mr Mallon said the sale will allow Mr Musgrave and Mr Cartner to devote more time to developing Stone Hill Park, the former Manston airfield, which they own in partnership with Scottish entrepreneur Ann Gloag. Mr Mallon, said:
“Discovery Park, along with Wynyard Park in the North-East, are prime examples of how this company can take faltering sites and transform their fortunes, creating real, lasting jobs and building quality homes. There is a clear parallel with Stone Hill Park.
“We are about to enter a very important phase in the regeneration of Stone Hill Park. We have carried out extensive public consultation and our planning application for a mixed-use site that will bring much-needed homes, jobs and leisure facilities to the area is currently being considered by Thanet District Council.”