Neighbourhood Shopping Centre Anchored by Tesco in Suburb

Delta Capital Property Investment, acting jointly with TT&G Partners, has completed the sale of the Whitley Lodge Shopping Centre in Whitley Bay for £4.05 million. The popular freehold neighbourhood shopping centre was sold in July following a competitive bidding process that saw the final price significantly exceed the asking price of £3,550,000.

The property attracted a substantial number of bids from a wide range of investors, leading to two rounds of best and final offers. The strong interest reflects the high demand for prime, income-producing retail assets in the current market.

The shopping centre is located in Whitley Bay, a densely populated and affluent coastal town , and is anchored by a Tesco Express. Tesco recently demonstrated its strong commitment to the location by renewing its lease for a new 15-year term. At the time of sale, the centre generated a total income of £341,010 per annum, with 40% of the income secured against national tenants including Tesco, Boots, Dignity, and William Hill.

Daniel Capobasso of Delta Capital commented, “The significant interest and competitive bidding for Whitley Lodge underscore the robust demand for well-located, income-producing retail properties. Assets anchored by strong covenants like Tesco are highly sought-after, and this sale showcases the confidence investors have in the long-term performance of neighbourhood retail. We are delighted to have achieved such an outstanding result for our client.”