Multimillion pound retail development opens in Sunderland
A multimillion pound retail development in Sunderland has now opened and has been brought to market.
Located on the site of the former Farringdon Hall Police Station and adjacent land, the fully-let retail park spans 32,452 sq ft and is home to a B&M Homestorea with a garden centre, a Costa Drive-thru, Greggs, Dicksons Butchers, The Tanning Shop, and Westway Vets.
A car park for 110 vehicles has also been created, which includes accessible bays, cycle parking, and eight electric vehicle charging points, let to Fastned.
The development, which was created by Almscliffe Dhesi, has also been put up for sale with an asking price of over £10m, reflecting an initial yield of 5.74%.
Bal Singh, Almslciffe Dhesi director, 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 I’m incredibly proud of the area and of my city of Sunderland.
“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.”
Neil Creeney, co-director of Almscliffe Dhesi, added: “Our business blueprint involves locating a vacant visible, roadside site, preferably in Yorkshire, the North East or Humberside, and obtaining planning permission to develop it for retail and roadside uses.
“We have excellent contacts for nationally renowned end-users, including supermarkets, drive-thru’ outlets and retail operators, who are looking for what we can provide. This major Sunderland development is a magnificent example of this.”