Norfolk County Council and Norwich City Council have sold an industrial estate in a deal worth £35.7m.

The two local authorities have jointly owned the Norwich Airport Industrial Estate since 1967. They agreed to sell the 48-acre site on the open market last year.

It has been purchased by Dove Real Estate, a joint venture between Paloma Capital and Partners Group.

‘This is a good deal for Norfolk,’ said Cllr Greg Peck, cabinet member for Commercial Services and Asset Management at Norfolk County Council.

‘The sale will secure investment in this important site as the new buyers are in a position to take forward plans that will strengthen economic growth, job opportunities and deliver a sustainable future for existing and new businesses.’

Cllr Alan Waters, leader of Norwich City Council, said: ‘The airport industrial estate is an important asset in Norwich and we’re extremely pleased that the sale to a successful developer will secure its future and attract new inward investment to the city.

‘The income from the sale has generated a substantial capital receipt to the council which will assist in delivery of the medium-term financial strategy.’

Catton Grove county councillor Steve Morphew said he was ‘sad’ to see the sale go ahead.

‘It's sad to see the sale and I would have preferred to have kept it In council ownership but I understand why,’ he said.

‘I hope the county council invests in Catton Grove from its share of the proceeds, as it's long overdue. I look forward to meeting the new owners and working with them to build jobs and prosperity for local residents.’

Jake Harris, investment director at Paloma Capital, said: ‘We are delighted to have completed our purchase of Norwich Airport Industrial Estate. We plan to invest immediately in improvements to the physical environment, but our most important short-term objective is to make contact with our new tenants and work with them to unlock the potential of their units and the wider estate.?

‘We welcome any approaches and ideas that our tenants have for improvements to existing buildings and underutilised land.?This estate is major regional commercial hub and we feel there is significant scope for economic development and intensification of use.’