22 April 2016 | Retail

Wealth of opportunity for first time business buyers in the North East

The opportunity for lifestyle business seekers to set up shop – and home – in the North East has soared recently, according to specialist property adviser, Christie & Co. This comes as three more long-established newsagents and general stores around the North East are brought to the market.

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Milbank News in Darlington is for sale at £345,000 with four bedroom accommodation, a garage and a garden. The business currently generates net profits of circa £72,000 and we feel it would suit a buyer looking to settle in an urban area.

The Paper Shop in Stanhope is ideal for those looking for a more rural lifestyle and who want to play an important part in the local community within this small market town. It is surrounded by moorland and located in the North Pennines’ Area of Outstanding Natural Beauty.  The local Post Office was relocated into this existing newsagent last year which strengthened its profitability. The business includes a three bedroom maisonette complete with garage and garden and generates adjusted net profits of over £46,000.

Best One convenience store in Chirton, North Shields is on the market for £375,000 and includes two separate flats, which are currently tenanted as the existing owners do not live on site. This property has investment potential and is another very profitable business, with accounts showing an adjusted net profit of around £85,000.

No experience is necessary to purchase these businesses, which is what makes them especially attractive to first time buyers. Christie & Co’s presence in the North East has seen a lot of interest from individuals and families who are looking for a change of lifestyle and wanting to relocate to the region over the past few months.

Andrew Birnie, Director at Christie & Co, who handles sales from the Newcastle office comments: “We have recently seen an increase in enquiries from first time buyers who are looking for a lifestyle change. The market for such businesses in the North East presents a prime opportunity for such individuals and families who are searching for this.

“Rather than start their own business from scratch, many are looking to purchase a home from which they can work and generate a high income for their family with an established and consistently profitable business.  In a number of cases, this results in a greater than average salary in the North East.

“Typically purchasers of this type of business have been successful in their previous employment for a number of years and don’t necessarily originate from the local area.”