Property developer Highbridge Business Park announced it had successfully raised £175 million to bulid a data center in North Tyneside, England.

The facility will be built at Cobalt Park, one of the UK's largest business parks with more than 1.25 million sq ft of offices across over 200 acres of land. The data centre is expected to be operational by March 2010.

The private funding was arranged Chancery Tax, the financial completion was announced on April 3rd.

In a statement it said: "Chancery is pleased to announce that the financial completion of the Cobalt Data Centre Development Syndicate took place on 3 April 2009 for the agreed purchase price of £183,400,000. The investment comprises a high quality data centre totalling 45,877 sq ft of lettable space made up of 8 data halls with support building and ancillary plant, to be built on the Cobalt Business Park, Newcastle upon Tyne. There is currently no tenant for the property and as such the Developer will pay a fee equivalent to the rent for a period of 11 years and 6 months from financial completion. The initial amount is £7,340,320 escalating at 3% per annum."