Page 10 - 367700 LP248929 In and Around Magazine 52pp A5 (October 2022)

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Ward Investments secures 7 Durham retail units
A prominent retail parade in Durham has been acquired by a North East entrepreneur in a £3.5m deal.
Andrew Ward of Ward Investments has bought units 1-7 on North Road in Durham’s retail core. He will be taking control of 23,000 sqft of land that is currently home to Greggs, Hays Travel, Sainsbury’s and Bank of Scotland.
How was the deal negotiated?
The investment is said to generate a yield
of 8.25% (an annual income of £311,000) and comes after Ward Investment’s acquisition of Merrington Industrial Estate in Spennymoor earlier this year.
Ward Investments partnered with Knight Frank, using them to broker the deal on the units. Dickon Wood, a partner at the latter company pointed out that the Sainsbury’s unit trades particularly well. He also pointed out that 80% of the current tenants in those units are low risk, and come with the potential to convert the upper floors of the buildings for alternative use, depending on planning permission.
Andrew Ward also added that this acquisition is the complete opposite to any of Ward Investments’ existing holdings.
Who is Andrew Ward?
The entrepreneur has developed an incredible portfolio in the Durham area, that includes development work and being the landlord of multiple properties. Ward Investments was set up to further diversify the property portfolio that Andrew had. It now includes industrial, retail, office, leisure and student accommodation across the North East.
Ward Investments has also been involved in a number of schemes across the North East. This includes a £28m student residential project, The Three Tuns, retail spaces and more! Right now, the North Road units contain one convenience food store, five retail units and a kiosk, and is part of the wider Riverwalk Shopping Complex.
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