Durham convenience store sold through Christie & Co after 24 years
Specialist business property adviser, Christie & Co has successfully completed the sale of Go Local, a long-established convenience store in Bishop Auckland, Durham, as the previous owners retire after 24 years.
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Centrally located in a large residential area, Go Local is on a bus route to Bishop Auckland town centre. The store forms part of a busy parade of shops including a takeaway, sandwich shop and hairdressers, which all drive footfall through the store. Go local has built a loyal customer base with the large Bishop Auckland community, and also benefits from those travelling through the area to Durham.
The open plan store offers a range of products such as confectionary, magazines, chilled and frozen food, and alcohol. There is also an ATM, online lottery terminal, and a fairtrade coffee machine. On the first floor there is a spacious three-bedroom flat, let on a short-hold tenancy agreement.
The business has been purchased by experienced retailer, Mr Palanivel (Rajan) Kumarasamy, who was looking to grow his portfolio with another highly profitable store.
Mr Kumarasamy comments, “This is the second business I have purchased through Christie and Co, and we are very grateful for their help in ensuring the process went through smoothly. Once we have settled, in we intend to make a refresh of the store interior with a new, modern layout and will look to introduce new products and services to enhance the shopping experience of our customers.”
Andrew Birnie, Retail Director at Christie & Co who handled the sale, also comments, “This is one of a number of high turnover stores sold across the region recently. The demand for convenience stores shows no sign of letting up. Buyers however are looking for more turnover than before, in order to compensate for higher running costs. We had plenty of buyers fighting for this shop with multiple offers. Therefore hold a list of very keen spare buyers ringing us weekly for similar stores.”
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, North
M: 0 7734 553 272 or E: andrew.birnie@christie.com