A North East entrepreneur has acquired a prominent retail parade in Durham in a £3.55m deal.
Ward Investments, the company of Workwear Express founder Andrew Ward, who sold the business last year, has bought the units of 1 – 7 North Road in Durham's retail core, opposite the Riverwalk Shopping Centre. The deal with Halifax Pension Nominees Ltd was brokered by Knight Frank and means Ward Investments takes control of the 23,000 sqft parade that is currently home to brands including Greggs, Hays Travel, Sainsbury's and Bank of Scotland.
Knight Frank said the investment will generate a yield of 8.25% - an annual income of £311,000. It follows Ward Investment's acquisition of Merrington Industrial Estate in Spennymoor earlier this year.
