Member Article

North East leisure properties in high demand

Pubs, bars and leisure properties are trading well on the North East market, despite the economic downturn.

In the last quarter, Sanderson Weatherall LLP have reported a number of successful deals on leisure properties, including the ‘Elgins’ site in Redcar, which was sold after just one day.

Surveyor, Kevin McGorie, said: “We are witnessing a steady stream of activity from cash-ready
buyers looking for reasonably priced, well-appointed properties in town locations across the region.

“Interest is coming from parties looking for alternative use opportunities from the re-development
of former pub and bar sites, as well as smaller regional leisure operators looking to extend their local portfolios.”

The firm has also completed the freehold sales of a number of other sites in Ashington and Berwick-upon-Tweed, and are in the process of marketing properties in Gateshead.

Kevin added: “Looking across the leisure market generally, 2011 was another tough year for the pub sector in particular. However, the rate at which sites closed did slow.

“Generally, operators are refocusing their offering and their environments to be in-line with current customer needs and many are now food-led and family orientated.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .