Work starts on new retail park in Berwick with KFC, Greggs and Aldi among those confirmed
Long-awaited work has started on a new retail park on the northern outskirts of Berwick.
The first phase of the project will consist of six units, headlined by Aldi and Home Bargains.
Iceland, Greggs, Costa and KFC will be taking additional units on the Loaning Meadows site, an expansion of the existing retail development featuring Morrisons, Travelodge and McDonald’s.
Planning permission to develop the six-acre greenfield site was granted to Berwick Corporation (Freemen) Trustees and TCD Estates in November 2019.
Liverpool based commercial property consultants, Mason Owen, as an adviser to TCD Estates, have now achieved an unconditional sale of the retail park to LXi REIT who were represented by Prime Retail.
LXi REIT invests in UK commercial property assets and forward funded the retail park on a fixed price basis.
Construction company, Caddick Construction has now started work on phase one of the site.
John Taylor, development director, TCD Estates said: "Construction commencement has already generated further retailer enquiries and we have concluded negotiations with another prime national retailer and hope to progress phase two immediately.”
All units have been let on long leases with strong tenant covenants across robust sectors.
Phase 1 is set to be completed later this year and will consist of over 55,000 sq ft in total.
The scheme will also include a rapid EV charging hub.
TCD expect to begin Phase 2 of the development after the success of Phase 1.
Simon Bland, managing director, Mason Owen said: ‘We were delighted, together with Alasdair Coates of Coates Commercial to work with the team at TCD on the sale of Loaning Meadows to LXi REIT and achieve a successful outcome for this exciting new retail development.
"It is an excellent site which has attracted high demand for retailers and we will be looking to further secure retailers for Phase 2 of the development.”
When planning permission was secured, it was estimated the development would result in a total increase in retail turnover of £28.65milllion by 2023.
Of this, £14.8million would be convenience goods sales brought about through the increase in floorspace associated with the replacement Aldi store, The Food Warehouse (Iceland) and part of the floorspace within the proposed Home Bargains. The remaining £13.85million would be made up from comparison goods sales.