A property portfolio owned by Cleveland Cable Company continues to grow, amid changes to the high street and increased demand for warehousing and industrial facilities.
Cable Properties, managed by head of property Jon Tully on behalf of Cleveland Cable Company owners Alastair and Michael Powell, now boasts 450 tenants in more than 200 commercial and residential properties.
The majority of its portfolio, a mix of industrial, retail and office property, is based in the North-east, but the company also owns properties as far north as Glasgow and down to central London.
Speaking of the growth of Cable Properties since its incorporation in 2005, Jon says: “We now have five full-time staff, including three chartered surveyors.
“Cleveland Cable Company started investing in commercial property around 20 years ago as a sensible way to invest money, which also reflected its success.
“Cable Properties has just grown and grown from there and it is now very much a business in its own right.”
With Jon at the helm, Cable Properties’ experienced team of professionals manages the portfolio day to day and drives decisions on overall acquisition and asset management strategy from a newly refurbished office on the Cleveland Cable Company site.
Its assets include high street properties in Middlesbrough, Redcar, Stockton, Northallerton and Yarm, in addition to industrial estates and trade units throughout the region and retail warehouse property such as SCS and Furniture Village on Portrack Lane.
Jon explains that because of Covid 19, the property landscape is rapidly changing and the company is adapting to “unique and changing times” by refurbishing or “repurposing” some properties, reflecting changes to the high street.
Jon said: “We have been looking closely at what we can do with some of the retail assets where perhaps they have lost relevance to their local markets and thought about how we can repurpose those sites, such as by turning them into smaller units more accessible to local entrepreneurs.
“Some are being converted into residential accommodation and, in terms of new acquisitions, we are focusing more on industrial property and warehousing with the move to online retail.”