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21 November 2019 | Retail

Newcastle upon Tyne convenience store sold by Christie & Co

The Budgens Grocery Store on West Road in Newcastle upon Tyne has been sold by specialist business property adviser, Christie & Co.

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The spacious and well-presented grocery store is ideally located on a busy junction within the Denton Burn suburb of the city, with two parking spaces in the front for added convenience.
The retail business trades from the ground floor of the premises which was modernised in 2018 and now features ramp access, a CCTV system, air conditioning and modern shelving. storage, a walk-in freezer A manager’s office and a commercial kitchen complete the ground floor.  On the first floor 70% of the space is unused, providing scope for the new owner to develop apartment-style accommodation.
 
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The former owner of the shop, Mahendran Bakeirathan, decided to sell to concentrate on his other businesses in the south of England.  He quickly realised after purchasing the business that it was going to take more time and effort than he had anticipated.  He comments, “I started marketing the store through Christie & Co and Andrew managed to find a buyer very quickly with the sale completing within a year.  He kept me up to date with the process and liaised between both parties to keep the transaction moving. I would like to thank Andrew and the team at Christie & Co.”

Andrew Birnie, Director at Christie & Co handled the sale and comments, “We knew this store would attract strong interest from second- and third-time convenience store buyers.  Formerly a Co-op, the business is well established in the area and occupies a highly visible location on one of the main commuter routes to the city.  With the first floor having planning permission to create flats, this gave an added interest to buyers who had development goals as part of their business plans.  We had offers from local and national buyers, and Mr Singh who eventually purchased the business is from the south, which is coincidentally the same region as our outgoing owner.”

Budgens Grocery Store was sold freehold off an asking price of £750,000. 

For further information on this press release, contact:

Fiona Fieldhouse, Head of Corporate Communications
P: 020 7227 0793 or E: fiona.fieldhouse@christie.com

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