Former supermarket site is sold

Jun 18 2008 by Iain Laing, The Journal

AGENT King Sturge has secured the sale of the Asda supermarket premises at Ocean Road in South Shields on behalf of Wilson Bowden.

The property went on the market following the relocation of Asda, which is building a larger store nearby. The 60,000sq ft building is on a two-acre site which will not only be an investment but has broad redevelopment potential.

The buyer was Leeds-based developer Ogden Waller which has instructed King Sturge to advise on the future development and letting of the block. King Sturge town retail partner Jonathan Newns said: “The development’s prime town-centre location will be key in attracting big national retailers who haven’t got a presence in the town centre.

“The flexibility of the size of the units and the extensive car parking facilities will provide additional benefits to potential tenants.

“We are confident that the new development will be a success and can confirm that we have already received a high level of interest from multiple national retailers.”

South Shields town centre has undergone significant regeneration in recent years with a focus on creating attractive landscaping and pedestrianised areas, such as King Street. The Waterloo Square complex off Keppel Street has attracted large-scale investment and interest to the area, securing high-street names such as BHS, Next and Debenhams, widening the choice for local shoppers.

Ocean Road has a number of restaurants, bars and shops and the redevelopment of the former Asda store will continue to add to the mix.

King Sturge head of investment Dickon Wood said: “This deal shows that even in the current climate there are still transactions taking place where we can advise investors on properties which provide genuine value adding opportunities.”