Brand-new convenience store sold to expanding independent operators
Specialist business property advisor, Christie & Co, has completed on the sale of Jacks of Thornley, a freehold convenience store located in the busy village of Thornley, in County Durham.
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Opened in November 2020, this brand-new convenience store came to market as the previous owners moved out of the area. Significant investment was made to convert the property from a former Methodist Church into a local convenience store, operated under the Jacks brand and the business has enjoyed excellent levels of turnover since opening.
The sale created a fantastic opportunity for the new owners, Tejendra Patel and Jayantilal Ponkiya, who have extensive experience in the retail industry. The purchase marks their first venture in the North East and the business joins their portfolio of convenience stores in the West & East Midlands region, as well as Wales.
They comment, “We’re delighted to be expanding our portfolio with the purchase of Jacks of Thornley. Our aim is to create an excellent and friendly shopping environment for the local community and soon launch home delivery services.”
This sale echoes a regular story over the last few years, of a growing number of buyers from the south seeking assets located in the north, due to perceived value for money and the opportunity to operate a business with less competition.
Andrew Birnie, Director in Christie & Co’s North East Retail team handled the sale and comments, “I’m delighted to have sold Jacks of Thornley to Mr Patel and Mr Ponkiya, who will no doubt carry the business forward, due to their vast experience operating convenience stores. The store received interest from both individual and corporate buyers on a local and national level, which demonstrates the strong demand that we have seen for quality retail assets throughout the Covid-19 pandemic. This demand continues to outstrip the number of businesses available for sale, so eager buyers are increasingly looking further afield for opportunities. It’s a great time to think about selling.”
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Executive
P: 020 72270794 or E: bronte.hughes@christie.com
Contact the agent:
Andrew Birnie, Director – Retail
P: +44 (0) 7734 553 272
E: Andrew.birnie@christie.com