A North East consortium has purchased a South Tyneside shopping centre for £2.4m with plans for a major regeneration of the site.
Hebburn Shopping Centre, based on Station Road, Hebburn, is now set to undergo a significant refurbishment to create a better environment for both retailers and shoppers.
The shopping centre will be rebranded to The Mountbatten Shopping Centre, named after Lord Mountbatten, who commanded the famous Hebburn-built destroyer HMS Kelly during the Second World War.
The 2.01 acre site was acquired through North East chartered surveyors and estate agents Bradley Hall, with assistance from financial advisers KSM Associates and Gordon Brown Law Firm llp.
Richard Rafique, director at Bradley Hall, said: “This particular site has great potential to be the go-to shopping centre in South Tyneside.
“The investors have expressed a great interest in creating an attractive area for retailers and the general public, whilst maintaining its current tenants and also attracting new national and local businesses.
“Bradley Hall will be managing the site moving forward, ensuring that tenants are well looked after and that the owners receive a good return on their investment.”
National stores including Herons Frozen Foods, Boots and Subway currently occupy the units, with local businesses including hairdressers, laundrettes and newsagents also trading from the site.
Kourosh Manoucheri, managing director at KSM Associates said: “This is a fantastic investment to develop a site with a wealth of opportunities.
“The investors can look forward to a good return on investment and a high rental yield. The purchase could also encourage improvement in the local area, boosting employment and business opportunities.”
“The syndicate were ably represented by their solicitor Gordon Brown and Richard Brown of Gordon Brown Law Firm llp, whose experienced and practical approach greatly facilitated the transaction, complementing the value that the investors anticipate their acquisition will bring to the local community”
For further information about Bradley Hall and available commercial properties, please visit www.bradleyhall.co.uk or call the Grey Street office on 0191 232 8080.