Avison Young acting on behalf of a private purchaser has secured the investment purchase of a well let retail property in Hexham, which also offers redevelopment potential of the vacant upper floors at 20-22 Priestpopple.
The freehold property which is situated on the north side of Priestpopple adjoins the former Royal Hotel which has recently been refurbished and converted to provide a number of residential apartments.
The property which comprises a total area of 11,533sq.ft. (1071sq.m) includes two ground floor retail units, one of which is let to Halifax plc, the other to Mr. Antz Bar, with significant upper floors which can be accessed separately, This includes approximately 7,179sq.ft. of vacant space which may provide an opportunity to add value through redevelopment, subject to planning. There is parking for 6 cars to the rear of the building.
Jamie Sim of Avison Young who acted on behalf of the purchaser commented: ‘We are pleased to have advised our private client on the acquisition of this retail property with significant development potential in the heart of Hexham town centre. The asset appealed to our client’s value add approach to investment opportunities.’
Daniel Capobasso of selling agents George F White said: “I am delighted to have acted for the seller; in what was a complicated transaction. We very much look forward to seeing this fantastic property being redeveloped by the purchaser.”