CROSSWAYS Business Park in Dartford is under new ownership.

Land Securities has sold its remaining 15 per cent stake in the 315-acre park in Kent Thameside to the Legal & General financial services group for an undisclosed sum.

Started in 1988 with Asda the first occupier, it is now home to more than 50 businesses and 5,000 jobs.

Around 85 per cent of the park, in a prime position close to the Dartford Crossing, is already developed and owned by a variety of investors and pension funds.

But Land Securities has decided to sell the final 15 per cent to concentrate on other developments across Kent Thameside.

Under the deal, Caxtons, the existing management company, is staying on.

Land Securities’ management centre will be moving to a site overlooking the new Eastern Quarry housing development early next year.

Tim Seddon, development director for Land Securities, said: "Crossways’ sale to one of the UK’s largest investor highlights the long term confidence in the area and is a significant milestone in Kent Thameside’s regeneration.

"We are now able to focus on Land Securities’ other major projects in Kent Thameside."

He said the company remained committed to the long term regeneration of the area and would continue to bring forward projects at Ebbsfleet, Eastern Quarry and Swanscombe Peninsula West.

Land Securities bought the park - a former cement quarry- from Whitecliff Properties some five years ago. It was previously part of Blue Circle’s extensive property holdings.

Crossways has consent for a total of three million sq ft of office and industrial floor space.

Helen Gordon, life fund director at Legal & General Property, said the park had unrivalled links to the M25, Dartford Crossing and London.

"Given its location, and the level of demand from occupiers looking to service London, Kent and the south east, combined with the strong economic growth forecasts for the area, we believe the fundamentals for our investment are undoubted."

She revealed that a speculative 170,000 sq ft industrial development offering 19 units would start construction shortly.