Northumberland retail park changes hands
Investment and asset management company FPG has acquired Tyne View Retail Park in Prudhoe, Northumberland, from Advance Northumberland and Northumberland Estates.
Set across a 7.4-acre site, the scheme comprises 50,000 sq ft of retail space and is anchored by Aldi, B&M, Greggs, McDonald’s, and Osprey EV Chargers.
The site also includes land with outline planning consent for a further 20,000 sq ft of retail space for extension, which will welcome new retail and food outlets.
The retail park has a weighted average unexpired lease term of 11.6 years to expiry and 10.2 years to breaks, according to marketing material.
Developed through a strategic partnership between Advance Northumberland and Northumberland Estates, Tyne View Retail Park was built on the former Wylam Colliery site, which was left derelict for more than five decades.
Although the purchase price was not disclosed, the asset was marketed with a price tag of £11m.
Steven Harrison, CEO at Advance Northumberland, said: “The sale marks the beginning of an exciting new chapter for Tyne View Retail Park, we are delighted that FPG will be taking the site forward, building on its current success and securing its future as a key retail destination for the county. This is a great example of what Advance Northumberland is here to do – drive positive change and create lasting value for Northumberland’s communities and economy.”
Altaf Bharde, director of FPG, added: “We are proud of the role Tyne View Retail Park plays in supporting the local economy and looking forward to providing high-quality retail experience for the community.
“The planned expansion will allow us to bring in more great brands and further strengthen the park’s position as a key regional shopping destination with a strong tenant base.”
Metcalf Harland Property Investment represented Advance Northumberland and Northumberland Estates, whilst Xprop acted on behalf of FPG.