George F. White has secured the investment purchase and retained the property management of a well let purpose-built neighbourhood shopping parade in Westoe, South Shields on behalf of Landsdown Real Estate.
Daniel Capobasso, Partner at George F White said: “I am delighted to have assisted Lansdown Real Estate in purchasing this attractive neighbourhood parade. The property provides the opportunity to let vacant space and renew leases in order to further improve the market presence of this prominent parade serving the local community. My client and I are very keen to find other similar opportunities in the North East.”
George F. White has recently merged with Johnson Tucker LLP, bringing together a wealth of experience and commercial specialisms allowing us to service all of our clients’ commercial property needs through one trusted partner.
Daniel continued: “This project is an excellent example of the multi-disciplinary service that we can offer to our clients. Not only did we acquire the investment for the client, but we retained the ongoing management which has involved lease renewals, retail letting and advising on improving EPC ratings.”
The freehold property which is situated in the commercial centre of Westoe’s modern Crown Village Development is close to Westoe Crown Primary School, local parks and the sea front. The property, which consists of two blocks forming a parade of nine units at ground floor with two floors of residential situated above to first and second floors. The retail element provides a total of 12,813 sq ft with ample car parking to the front of the building adjacent to the attractive communal garden.
James Metcalf of MHPI who acted on behalf of the vendor also commented: “We are delighted to have sold this asset to Lansdown Real Estate and it will perform very well for them with their plans for the scheme. The changes in recent shopping habits and the growth in convenience retail will also benefit them in the future.”