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Build & Sustainability

Property investor builds Durham presence with £3.5 million deal

A property firm has strengthened its city centre standing after concluding a £3.5 million deal.

Ward Group Investments has bought 1–7 North Road, in Durham.

Bosses say the multi-let parade, which stands opposite an existing holding, “offers a number of asset management initiatives… to improve income”.

They add the investment generates a yield of 8.25 per cent and annual income of £311,000.

The agreement for the 23,000sq ft row, which includes baker Greggs, Hays Travel, Sainsbury’s and Royal Bank of Scotland, was brokered by Dickon Wood, partner at property consultancy Knight Frank.

Dickon said: “These shops are a fantastic investment opportunity; 80 per cent of the total income is secured to low-risk tenants, and we know the Sainsbury’s unit trades particularly well.

“There is also potential to convert the upper floors for alternative use, subject to vacant possession and planning permission.”