Monday, October 02, 2023
Halladale acquires Billingham, Cleveland retail parade for £15.25m
Halladale Group has acquired a town centre parade of retail buildings in Billingham, Cleveland, North-East England for £15.25m from LaSalle Investment Management.
This prime town centre parade consists of fifty eight units of differing size split into four blocks of predominantly single level retail accommodation fronting the north and west sections of Billingham's central square and prime pedestrianised thoroughfare. The blocks provide over half of Billingham's retail provision with current tenants including Boots, Woolworths, Superdrug, Iceland and Natwest.
Halladale will seek to work closely with Stockton Borough Council to enhance the local retail environment through the planned refurbishment and redevelopment of Billingham town centre.
The transaction price reflects a net initial yield of 5.9 per cent. Savills and Sanderson Weatherall advised Halladale and Jones Lang LaSalle were advisers to the vendors.
David Lockhart, Chief Executive of Halladale, commented: "Halladale has built up a wealth of experience in working with councils on the redevelopment of town centre retail environments for the benefit of the local community. Billingham is another excellent opportunity for Halladale to apply that experience and we look forward to regenerating Billingham's shopping facilities and attracting new occupiers to the town centre."
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This prime town centre parade consists of fifty eight units of differing size split into four blocks of predominantly single level retail accommodation fronting the north and west sections of Billingham's central square and prime pedestrianised thoroughfare. The blocks provide over half of Billingham's retail provision with current tenants including Boots, Woolworths, Superdrug, Iceland and Natwest.
Halladale will seek to work closely with Stockton Borough Council to enhance the local retail environment through the planned refurbishment and redevelopment of Billingham town centre.
The transaction price reflects a net initial yield of 5.9 per cent. Savills and Sanderson Weatherall advised Halladale and Jones Lang LaSalle were advisers to the vendors.
David Lockhart, Chief Executive of Halladale, commented: "Halladale has built up a wealth of experience in working with councils on the redevelopment of town centre retail environments for the benefit of the local community. Billingham is another excellent opportunity for Halladale to apply that experience and we look forward to regenerating Billingham's shopping facilities and attracting new occupiers to the town centre."
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The new Property Executive business directory is now online. To add a free listing for your company click here.
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