A North East property firm is seeking new sites after breathing new life into four trading estates in the region.
In 2013, Frank’s Group, which includes Frank’s the Flooring Store, spent more than £7m in acquiring and revitalising four sites across the region.
Now, the group’s property advisers, @retail, say the search is on for more sites on which it can repeat this success.
Frank’s Group has already acquired the Albion Retail Park in Blyth, Northumberland.
As well as resulting in the opening of a new Franks’ the Flooring Store on the site, the acquisition includes tenancies held by Lidl, B&M Bargains and shoe chain Brantano.
In Redcar, the group has bought the Redcar Retail Park, where McDonald’s is an existing tenant, and they have plans to bring a vacant unit back into use after it has stood empty for a number of years.
Also, in Hartlepool, the acquisition of Stranton Retail Park in Burn Road has led to the opening of a 12,000 sq ft Frank’s the Flooring Store, and also a 7,000 sq ft Screwfix counter.
On the outskirts of Bishop Auckland, Frank’s has acquired the former Holiways garage site, bringing it back to life through a lease to Perfect Home and Garden.
Ian Thurlbeck, co-director of @retail, said: “It makes absolute sense to seek out these sites and get them working again and Frank’s Group has established a strong track record of doing this.
“It benefits nobody to have sites such as these sat empty, because it costs a lot of money in taxes to own an empty commercial building and it makes a retail park look bad to have empty units.
“Frank’s Group want to build upon what they have done in Blyth, Redcar and Hartlepool and find viable sites which can be given a kick-start and create areas where retail is viable again.”