CBRE Global Investors announces the multi-million pound redevelopment of Arnison Retail Park in Durham, following work carried out by Sovereign Centros.
The retail park is a 286,000 sq ft shopping destination attracting more than 65,000 visits by car per week and is the largest asset within the CBRE UK Property PAIF (UKPP).
Michael Ness, Head of Separate Accounts EMEA, CBRE Global Investors, commented: “Arnison Retail Park is a strong trading location and a very desirable option for out of town operators. The park has effectively been repositioned and we feel the prospects for achieving rental growth are much improved following this redevelopment. This is an exciting time for Arnison and next year we will continue to fulfil our business plan by carrying out the second phase of the frontage refurbishment works.”
John Marsh, Director, Sovereign Centros commented: “Our aim was to improve the tenant mix and increase the fashion offer at Arnison. Investing in and improving other units at the Park, as well as developing larger new units, means the whole scheme has a cohesive look and feel, creating an attractive environment for retailers and shoppers”.
Retailer Next has recently opened its doors on a new 50,000 sq ft store, which follows openings of New Look and River Island in adjacent new units.
This is in addition to the recent redevelopment of a 60,000 sq ft M&S flagship store, food and café hub, major frontage upgrades and general car park repairs.
Wilkinson Williams and Savills advise Sovereign Centros and CBRE Global Investors.