Arch to buy retail park for Â£36 million
Arch is to further strengthen its retail property portfolio after exchanging contracts for a Â£36m purchase.
It is buying the Westmorland Retail Parkin Cramlington from Hammerson plc.
Arch bought the adjacent Manor Walks Shopping Centre in July and the latest deal will bring the value of their retail investment in Cramlington to £114m.
The investment supports hundreds of local jobs and will allow Arch to invest to ‘enhance the retail experience for over 10m customers who visit the park yearly’.
The retail park has 13 units and is fully let with occupiers including Marks and Spencer Simply Food, Costa, Maplin, TK Maxx, Next, Dunelm, Argos and Pets at Home.
Dave Ledger, chairman of Arch, said: “The purchase of the retail park means Arch will continue to use investments to support and retain council services through repayments and dividends.
“The whole centre is a major economic asset for Northumberland which will help us achieve our economic ambitions for the county of supporting and creating jobs and boosting local economic growth.”
Cllr Allan Hepple, cabinet member for economic development said: “This is another significant investment which will benefit council tax payers with a cold hard cash return. With the investment, we’ve safeguarded more jobs and demonstrated another significant step in our Cramlington investment strategy. As Cramlington fast becomes the largest town in the county, we’ve already invested millions in Concordia, returned more council jobs in new investment in library and customer services and the purchase of Manor Walks has safeguarded hundreds of local jobs. We’re also looking at investment in the rail station at Cramlington and we’re continuing to support thousands of jobs based on the industrial estates that surround the town.
“These are ‘virtuous investments’ which see an excellent return for the tax payer, support and maintain vital frontline services in the council and see local people in employment.”
This latest acquisition brings the value of Arch’s portfolio to over £250m.