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04 September 2019 | Retail

North East coastal convenience store sold to experienced local operator

Specialist business property adviser, Christie & Co has completed on the sale of the Premier branded Seaton Sluice Convenience Store, located in close proximity to the beach in a scenic part of the North East coast, between Blyth and Whitley Bay.

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The shop provides an essential service for the local community and sees an uplift in trade during the summer months due to the high level of tourists visiting the area. 

Following 16 years of ownership, Beenish Malik decided to sell the Seaton Sluice so she could pursue retirement.

The store has been acquired by experienced operator, Davinder Singh, who also owns another store in the area and comments, “I am looking forward to updating the store and improving the stock range available to customers.  We will make some small changes that will help the customers have a better shopping experience with us. We are pleased with the purchase and the way the transaction was handled.”

Andrew Birnie, Director at Christie & Co handled the sale and comments, “We have sold businesses for Ms Malik’s family in the past and, as we specialise in the sale of trading convenience businesses with property in the North East, we tend to work with repeat business over the years.  It was a pleasure to help our client to sell her business and reach retirement as desired. 

“In this instance we created a new lease rather than selling the whole freehold. This is an option some take when looking to retire from running their business but wishing to hold on to the property for a long-term investment and regular income. This year we are selling roughly half leasehold and half freehold businesses and see strong demand for both across the board.”

The Seaton Sluice was sold off an asking price of £150,000 for the leasehold interest.