A large area of Hartlepool Marina is up for sale with an asking price of just under £5million.
Navigation Point, which features a string of 26 shops, bars and restaurants, is being advertised for sale.
Offers in the region of £4,730,000 are sought for the area which includes around 50,000sq ft of retail space plus 350 car parking spaces.
The flats above Navigation Point are understood not to form part of the area for sale.
Property consultancy firm allsop are handling the sale.
They say Navigation Point is in a dominant and vibrant restaurant and bar location and the marina is one of the North East’s key tourist attractions.
The company adds an investor can expect to collect just over £593,000 a year in rent.
Around a year ago, the current owners Mandale invested £500,000 in the area after claims from visitors and some business tenants the area had become “shabby” citing broken lighting, lack of maintenance and empty units.
Nine new business have moved into Navigation Point in the last year.
Businesses the Mail spoke to remained cautious about what a new owner could mean for them.
Jonathan Wallis, director of Wallis & Co Bar and Kitchen which opened five months ago, said: “As long as they don’t start putting rents up, but they are all legally binding so they can’t do that. It is just a case of waiting and seeing.”
Asked about any potential changes he would like to see Mr Wallis added: “I think they need to scrap the parking charge because a lot of people complain about that.
“It makes people reluctant to come down here sometimes.”
Donna Smith, of Hot Roast, said: “I don’t know what it will mean for us.” She agreed about the car parking saying: “Having only half an hour free does put people off coming. If they took that off people would come more.”
Hartlepool Borough Council said it would look to work with any new owners as part of its regeneration ambitions for the marina area.
Councillor Kevin Cranney, chair of the council’s Regeneration Services Policy Committee, said: “The continued development of the marina and surrounding area is a high priority for the council and is a key part of the Hartlepool Vision to spark further regeneration and create jobs.
“Navigation Point has much to offer to local residents and visitors to the town and as a council we would look to work closely with any prospective new owners so that we can share our exciting ambition for the marina, the surrounding area and the town as whole.”
No-one from Mandale was available for comment.