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 restaurant which he has named ‘Happy Villa’. The premises are 3,200 sq. feet and it has 120 seats.
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 Wanghas 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.”