Citrus seals £2.6 million trio of property sales

A property investment company has completed a trio of North East commercial property sales worth £2.6 million as it reshapes its regional portfolio.

London-headquartered Citrus Group has sold three assets in North Shields and Whitley Bay as part of its long-term investment strategy.

The largest deal saw Albion House, a 25,000sq ft North Shields office complex with planning consent for conversion into 27 homes, sold for £1.3 million.

Meanwhile, two warehouses overlooking the River Tyne and Fish Quay, totalling 16,000sq ft, were also sold for £280,000.

Completing the trio was an art deco-style retail parade at 57-77 Park View in Whitley Bay, comprising ten shops and upper floors, which changed hands for £1.03 million.

Bosses say the disposals form part of Citrus Group’s wider portfolio strategy as it continues significant investment across the North East.

Its regional interests include Integra 61, the 205-acre mixed-use development near Durham, alongside Prince Bishops Place in Durham city centre, where plans are progressing to transform the shopping centre into a mixed-use destination.

Citrus secured major planning consents for the two developments earlier this year, with total investment across the projects expected to exceed £750 million once completed.

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.”

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