Adderstone Group complete purchase of 1.72 hectare warehouse site in Sunderland

21 January 2020
Adderstone Group complete purchase of 1.72 hectare warehouse site in Sunderland
Adderstone Group complete purchase of 1.72 hectare warehouse site in Sunderland
Adderstone Group complete purchase of 1.72 hectare warehouse site in Sunderland

Adderstone Group, has expanded its commercial portfolio after acquiring two large retail warehouse units in Sunderland in a multi-million pound deal.

The retail units, located on Toll Bar Road, two miles south of Sunderland city centre, occupy a site comprising 1.72 hectares (4.24 acres) in size.

B&M Retail store on Toll Bar Road, Sunderland.

The first unit is a 42,475 sq. ft retail unit occupied by B&M Retail, one of the UK’s leading variety retailers, with over 600 stores across the country. Adderstone Group are already in advanced talks with an operator interested in taking a lease over the second unit, which is 14,324 sq. ft in size and currently vacant. The entire site has a total of 248 car parking spaces.

Adderstone Group is in advanced talks with a contact interested in taking the vacant unit at Toll Bar Road, Sunderland (pictured).

The Toll Bar Road area has seen significant investment in recent years with the opening of a Lidl store, as well as a Harvester Pub, McDonalds drive thru and Franks Flooring on neighbouring sites.

This latest acquisition from Adderstone Group comes on the back of a number of significant investments in commercial property in the last 12 months including; The Fleming in Jesmond, now the company’s HQ; the former Baja Beach Club on Gateshead Quayside which is being transformed into a 30,000 sq. ft riverside office space to be known as Pipewell Quay; and Broadgates Retail Park in Hexham town centre which hosts a B&M and Marks and Spencer store. This purchase sees the Group’s commercial portfolio grow to just under 2m sq. ft.

Adderstone Group Founder CEO, Ian Baggett said: “There is some good stuff happening in Sunderland and occupancy levels in our Quay West Business Village are higher than ever.  The Toll Bar estate is in a great, strategic location and we are confident we can enhance value with further investment.”

Knight Frank’s Newcastle office represented Adderstone Group throughout negotiations for the off-market deal. Dickon Wood, Partner, said: “It has been a pleasure to act on behalf of Adderstone Group on the purchase of this site, which provides a strong income stream from B&M, with an opportunity to add significant value once the vacant unit is let.”