North Jesmond convenience store under offer in first week of instruction
Specialist business property advisor, Christie & Co has completed on the leasehold sale of Simply Local, a local convenience store and newsagents in the sought-after residential suburb of North Jesmond, Newcastle-upon-Tyne.
Simply Local is situated close to the Ilford Road Metro station and has served the local community under the ownership of Mr Jack Barnes and his son Chris for around seven years. During the various COVID-19 lockdowns during 2020, the store provided an essential service for residents of the surrounding neighbourhoods including Newcastle, Jesmond and Gosforth.
Mr Barnes made the decision to bring the store to market through Christie & Co in September 2020, in order to seek retirement. The successful sales process, which was led by Andrew Birnie, Director in Christie & Co’s Retail team, generated strong interest. A number of online enquiries, viewings and an offer were secured within the first week, much to the disappointment of the many other interested buyers who continued to express their interest during the following weeks, should the sale have fallen through.
The successful purchaser is a local resident and frequent shopper at the store and this acquisition marks his entrance to the sector.
Andrew Birnie, Director in Christie & Co’s Retail team secured the new leasehold and comments, “When the call came in to come and look at this shop, I recognised Jack’s voice immediately, as I sold the business to him for a previous client back in 2015. Much has changed during this time, in particular the number of first-time buyers looking to enter the retail convenience market, so I was certain the store would gather a high level of buyer interest.
“Demand for convenience stores of this size and price range has never been higher in the 17 years I have sold businesses across the North East and Yorkshire region and it was fantastic to agree a deal with a local buyer on this occasion. I encourage anyone running a similar business in these locations who might be considering a sale to get in touch, to capitalise on the current demand.”
Simply Local North Jesmond was sold on a leasehold basis off an asking price of £85,000.
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Executive
P: 020 7227 0794 or E: bronte.hughes@christie.com
Contact the agent:
Andrew Birnie, Director – Retail
P: +44 (0) 7734 553 272
E: Andrew.birnie@christie.com
