New multi-million pound retail park opens in North East
The development, on the old Farringdon Hall police station site in Sunderland, features a B&M Homestore with a garden centre, Costa drive-thru, Greggs, Dicksons Butchers, The Tanning Shop, and Westway Vets.
Built by northern developer Almscliffe Dhesi, the 32,452 sq ft scheme includes parking for 110 vehicles, cycle parking and eight electric vehicle charging points.
The fully-let park has created 100 new and sustainable jobs and is now being marketed for sale with a guide price of more than Β£10 million, reflecting a yield of 5.74 per cent and an annual rent roll of Β£627,500.
Bal Singh, director at Almscliffe Dhesi, said: “It fills me with great pride to finally see work completed on site and our development fully occupied.
“Having worked on this project for over seven years, it has been a real labour of love for me as Iβm incredibly proud of the area and of my city of Sunderland.”
He added: “This development adds real value to the community, creating over 100 much-needed jobs for local people and providing a vibrant retail centre in a popular residential area of the city.
“The old police station building was nothing but a blight on our community since it closed its doors ten years ago, so it’s been great working with Sunderland City Council, who shared our vision of once again making this site a key part of the community breathing new life into derelict land.”
Mr Singh, who is from Sunderland, said he was especially proud to have played a part in the siteβs transformation.
He said: “We are so proud to have secured reputable brands with both national and local recognition, such as the B&M Stores, Greggs and Costa Coffee, which demonstrates their confidence in Sunderland.”
Neil Creeney, co-director of Almscliffe Dhesi, described the project as a “magnificent example” of the companyβs business model.