A row of shops and offices in an up-and-coming area of Middlesbrough town centre has been put up for sale.
Dodds Brown, the commercial property agency acting for the owner, said the properties – 48-52 Albert Road – would appeal to an investor or developer. Freehold offers from £350,000 are being invited.
The current tenants are Saks hair salon, Nail Heaven, Middlesbrough Council’s Safe Haven service and the Sheriff’s Office. Most of the upper floor office space above is empty and would benefit from refurbishment. All leases have expired.
Just along from the terrace is Albert North which over the past two years has been transformed through a major regeneration project by the Teesside development company Jomast.
Around 50,000 sq ft of office space has been occupied by a number of expanding digital businesses and historic buildings have been refurbished for food providers to move in.
“This is becoming a really vibrant part of the town,” said Richard Wilson, senior associate with Dodds Brown. “The properties for sale would provide an investor with a sizeable rental income, which at the moment is £37,000.”
“And if you go another couple of hundred yards the other way you come to Centre Square which, despite the pandemic, has seen an incredible level of investment,” he added. “There are now many hundreds of office workers moving into their new buildings. After years of decline these are very exciting times for Middlesbrough.”
Mr Wilson said that 48-52 Albert Road might also be of interest to a developer because of an existing planning consent. In November Middlesbrough Council granted permission for the buildings to be demolished and replaced with a five-storey building comprising two shops, restaurants or cafes on the ground floor and 48 student bedrooms on the other levels. There would be communal roof gardens and two parking spaces.
“This would be a very ambitious and exciting development right in the heart of the town and reflects the requirement to provide high quality accommodation for the growing number of students who are coming to Middlesbrough,” said Mr Wilson.
“Students living in Albert Road would be within walking distance of Teesside University, Middlesbrough College and the new Northern School of Art, as well as the railway station.”
For more information about 48-52 Albert Road, contact Richard Wilson on 07894 256 309 or