The Budgens Grocery Store on West Road in Newcastle upon Tyne has been sold by Christie & Co off an freehold asking price of £750K.
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 and walk-in freezer. It also offers a manager’s office and commercial kitchen.
On the first floor, 70% of the space is unused, providing scope for the new owner to develop apartment-style accommodation.
The former owner of the shop, Mahendran Bakeirathan, decided to sell to concentrate on his other businesses in the south of England.
Andrew Birnie, Director at Christie & Co who handled the sale, said, “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.'