A restaurant owner has expanded into Teesside after signing a 20-year lease on property in Linthorpe Road, Middlesbrough.
Shiwei Wang owns a Chinese restaurant in Newcastle and has recently opened the doors on his Teesside 3,200 sq ft, 120-seat ‘Happy Villa’ restaurant.
The investment marks further sign of “increased confidence” in the area, according to owner Geoff Hogg, a well-known property investor and regeneration entrepreneur.
Mr Hogg, who has more than 20 years’ experience in the property sector, has built a strong mixed portfolio of retail, office and residential schemes, having invested more than £15million across the North East. He also acts as an angel investor in a number of North East businesses.
Mr Wang said: “I have a successful restaurant in Newcastle and wanted to expand into Teesside.
“The property I have now is ideally situated and of the right size to accommodate the expansion.”
Mr Hogg, who owns Linthorpe Developments, which is leasing the restaurant premises to Mr Wang, said: “I am very pleased that Mr Wang has made an investment in the area. It is further positive news that areas like Middlesbrough are on the right track to renewal.
“The 20-year lease on this property represents a commitment to the Linthorpe Road area, which is a busy thoroughfare, where substantial investment is being made in the area making it an ideal location for a restaurant.
“This is but one of many other similar transactions Linthorpe Developments has led in the area during recent months.”