The Hexham property occupied by Superdrug has been sold as part of a £1.1 million package of North East investment deals.
The retail unit on Fore Street was acquired by a North East-based investor. It is let to the national health and beauty retailer Superdrug.
Three-property package
Commercial property consultancy Naylors completed the sale of three retail properties on behalf of a private family-owned property business. The other two transactions involved properties in Gosforth and Jesmond in Newcastle.
The Gosforth sale concerned a mixed-use property on Ashburton and Salters Road occupied by three retailers and a residential tenant. In Jesmond, the deal involved a two-storey property on Manor House Road with a vacant ground-floor café and a first-floor dance studio.
All three deals were brokered by Jake Smith of Naylors. MHPI acted for the purchaser of the Hexham property, while Delta Capital acted for the buyer of the Gosforth and Jesmond properties.
Investor interest in established income
Chris Donabie, head of investment at Naylors, said the transactions showed continued investor interest in properties with established rental income and strong locations.
“Each property offered a different proposition, from mixed-use income in Gosforth and repositioning potential in Jesmond, to a strong covenant investment in Hexham. “The three individual deals added up to a successful disposal for our client.”
The Hexham sale was described by Naylors as a strong covenant investment, while the wider package brought together three properties with different commercial characteristics.