Avison Younger Retail has offered the Waterloo Sq. Retail Park in South Shields on behalf of proprietor Royal London Asset Administration for greater than £4million.
The retail park, which fronts onto Coronation Road between ASDA and the King Road buying space, is near the city’s new bus and Metro interchange.
The 40,925sq ft park is made up of a single terrace of three store items (starting from 6,925sq. to 24,500sq ft) which is totally let to B&M, Subsequent and River Island.
All three companies have not too long ago signed new leases on their properties.
The two.32 acre web site is held on a 200-year lengthy lease from South Tyneside Council at an annual peppercorn hire and was purchased by M7 Actual Property Ltd. for £4.1million.
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Avison Younger Retail UK Principal and MD Miles Marten stated the transfer can be a serious enhance for South Shields city centre after a troublesome couple of years: “Following the demise of Debenhams, it has been good to safe B&M with a big retailer to serve South Shields,” he stated.
“Avison Younger are happy to have offered the lengthy leasehold curiosity to a brand new institutional investor.”
Simon Beanland, of the corporate’s Newcastle workplace, stated the sale had attracted loads of consideration and the park had offered for considerably greater than anticipated.
“Curiosity from a big pool of consumers resulted in two rounds of aggressive bidding, in a sector which has made a powerful comeback, leading to pricing far exceeding our authentic quoting degree,” he stated.
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