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.”