Citrus Group completes trio of North Tyneside sales
The real estate and development company has offloaded £2.6m worth of assets as it looks to refine its investment strategy and focus on larger projects in the region.
In North Shields, Albion House, a 25,000 sq ft office complex with planning consent for conversion to 27 residential units, was sold for £1.3m. Additionally, two warehouses totalling 16,000 sq ft overlooking the River Tyne and Fish Quay were sold for £280,000.
Completing the trio of sales is an art deco style retail parade at 57-77 Park View in Whitley Bay, also in North Tyneside, comprising 10 shops and upper parts in a popular trading location. This site has potential for residential conversion, and was sold for £1.03m.
Citrus Group will instead focus on its larger schemes in the region, which include plans for Prince Bishops Place in Durham and a 3m sq ft extension to the west of its mixed-use development Integra 61 in Durham, which gained approval in April.
These projects will bring its total investment across the projects once completed to over £750M.
James Taylor, regional director at Citrus, said: “As a committed investor into the North East market, the sale of these three assets enables us to focus on our larger strategic interests, which include both phases of the Integra 61 mixed-use development and our redevelopment of Prince Bishops Shopping Centre in Durham City Centre.”
