Pneuma Group picks up Central Point

The parent group of gaming business Double Eleven has acquired the office building in what it described as the first in a series of acquisitions breathing new life into Middlesbrough town centre.

Central Point on Linthorpe Road has been acquired from Lugano, nine months after Pneuma Commercial Property was established.

Pneuma Group’s business administrator Kay Kendall said: “It’s great to welcome Central Point building into the Pneuma Commercial Property portfolio. The building has a great range of tenants all with renowned reputations in the area. We’re delighted to be able to support them through the provision of excellent building management.”

A refurbishment programme will now be kickstarted.

Keith Nicholson, managing director of Pneuma Group, added: “We have a programme of work already devised to improve the building and are working with existing and new tenants to complete a fit-out in 2024 which will see the building fully occupied.

“We have been buoyed by the support and interest of the business community in Middlesbrough and their warm welcome as we take on this building.”

Burnetts Solicitors acted for Pneuma on the deal with Lugano. The vendor’s managing director Scott Munro said: “We are delighted to have worked with the Pneuma team to complete this sale in record time and we are very pleased to see a local landlord take on the building into the next part of its life.

“We would like to thank the tenants and everyone in the building for their support and custodianship.”