Hebburn Shopping Centre, based on Station Road, is set to be refurbished to create a better environment for shoppers and retailers, after being purchased by a North East consortium.
The improved centre will be rebranded to The Mountbatten Shopping Centre.
The 2.01 acre site, which fell into disrepair due to neglect from its former owners, was acquired through North East chartered surveyors and estate agents Bradley Hall, with assistance from financial advisers KSM Associates and Gordon Brown Law Firm llp.
National stores including Herons Frozen Foods, Boots and Subway currently occupy the units, with local businesses including hairdressers, laundrettes and newsagents also trading from the site.
Richard Rafique, director at Bradley Hall, said: “This particular site has great potential to be the go-to shopping centre in South Tyneside.
“The investors have expressed a great interest in creating an attractive area for retailers and the general public, whilst maintaining its current tenants and also attracting new national and local businesses.”
Kourosh Manoucheri, managing director at KSM Associates added: “This is a fantastic investment to develop a site with a wealth of opportunities.
“The investors can look forward to a good return on investment and a high rental yield. The purchase could also encourage improvement in the local area, boosting employment and business opportunities.”
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