PROPERTY developer Terrace Hill has acquired two prime redevelopment sites in Darlington and Northallerton by buying the stationery retailing business, Dressers, for more than £2m.
The deal took a year of negotiation with Dressers' directors.
The stores will close by March 31 and an immediate refurbishment is planned so that both properties can be available for occupation by mid-summer.
The 154-year-old stationers and booksellers had been evaluating a number of options to develop the business in recent years, but as an independent retailer, had found it increasingly difficult to maintain its style of high street retailing.
Robert Cansick, of Terrace Hill, said: "We are delighted to have reached an agreement with Dressers. There has been a lot of interest shown in both sites by quite a few developers over the past few years.
"Whilst it is always sad to lose a well-established name from any high street, the purchase represents a tremendous opportunity for job creation by national brands and a number of multiple retailers have already shown interest."
The Darlington property in the main retailing area on High Row, reflects a Zone A rental of approximately £60 per sq ft. It provides a total of 11,500 sq ft of sales on two floors with second floor ancillary space of 2,000sq ft. Rental offers of about £160,000 p/a are required. The Northallerton property, at 102-103 High Street, is a listed building with 40ft frontage offering a total of 6,300sq ft of retailing space on ground and first floors. A second floor provides 1,200sq ft for stock and staff.
Rental offers of about £130,000 p/a are sought. Dodds Brown Commercial, of Middlesbrough, is acting for Terrace Hill. Last year, Terrace Hill concluded the sale of another two refurbished units on Darlington's High Row to a private investor. These are let to Greggs the Bakers and Past Times. Terrace Hill is also preferred developer for the Feethams site in Darlington, a £10m leisure scheme in partnership with the borough council, which is under consideration by the planning department
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