Endeavour has advised long-standing client, Ryedale Estates on negotiations with Aldi and Iceland on the letting of the first units in its Cleveland Gate development at Rectory Lane, Guisborough.
Ryedale purchased the site last year, after the previous occupier, Focus DIY, went into liquidation and the owner was left without a tenant. Ryedale will convert the former DIY store into two units and bring it up to standard for food retail outlets.
Simon Wake, head of Endeavour’s commercial property team, who handled the matter for Ryedale said “It was interesting negotiating with national retailers who were very clear about what they wanted in terms of the legal documents, but I am very pleased we managed to reach a deal satisfactory to all.”
James Spearman on behalf of Ryedale Estates said: “We worked very closely with Endeavour during the purchase of the distressed property and the subsequent negotiations with tenants. Throughout this process Endeavour has consistently shown its ability to quickly overcome some quite complex hurdles placed in our path; it is pleasing to let a property to such good quality retailers and this is an excellent outcome to what has been a tricky project. “ Ryedale owns further land at Cleveland Gate and is investigating options for its development. The company welcomes approaches from interested parties.