The Edinburgh based property firm has bought a high street parade and shops in Billingham, Cleveland, for £15.25m from LaSalle Investment Management.

The properties total 58 units of differing size over four blocks fronting the north and west sections of Billingham’s central square and tenants include Boots, Woolworths, Superdrug, Iceland and Natwest.

The price reflects a net initial yield of 5.9%. Savills and Sanderson Weatherall advised Halladale and Jones Lang LaSalle LaSalle.

David Lockhart, chief executive of Halladale, said: ‘Halladale has built up a wealth of experience in working with councils on the redevelopment of Town Centre retail environments for the benefit of the local community. Billingham is another excellent opportunity for Halladale to apply that experience and we look forward to regenerating Billingham’s shopping facilities and attracting new occupiers to the town centre.’