Avison Young Retail has sold Waterloo Square Retail Park in South Shields on behalf of owner Royal London Asset Management for over £4million.
The shopping park, which fronts Coronation Street between ASDA and the King Street shopping area, is close to the city’s new bus and tube interchange.
The 40,925 square foot park is comprised of a single deck of three commercial units (ranging from 6,925 square feet to 24,500 square feet) fully leased to B&M, Next and River Island.
All three companies recently signed new leases on their properties.
The 2.32 acre site is held on a 200 year long lease from South Tyneside Council at an annual peppercorn rent and was purchased by M7 Real Estate Ltd. for £4.1 million.
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Avison Young Retail UK director and MD Miles Marten said the move would be a major boost for South Shields town center after a difficult few years: “Following the demise of Debenhams, it has been good to secure B&M with a department store to serve the Southern Shields,” he said.
“Avison Young is pleased to have sold the long-term interest to a new institutional investor.”
Simon Beanland, of the company’s Newcastle office, said the sale attracted a lot of attention and the park sold far more than expected.
“The interest of a large number of buyers has resulted in two rounds of tenders, in a sector which has made a strong comeback, resulting in prices far exceeding our initial quotation level,” he said. -he declares.