Morrisons to anchor Rockspring’s Blaydon shopping centre
Published: 02 December, 2011
Construction due on site in 2012 for 74,000-sq ft Morrisons superstore
Rockspring Property Investment Managers has secured a pre-let to Morrisons at The Precinct shopping centre in Blaydon, near Gateshead. The development, which is scheduled to start on site in the summer of 2012, will comprise 74,000 sq ft of retail space and will be built on the site of the centre’s car park. Morrisons, the UK’s fourth largest food retailer, will take the unit on a 25 year lease and it is anticipated that the store will be open for trade in early 2014.
Resolution to grant planning consent, has been secured for the scheme, which will also incorporate the relocation of the existing youth club, day centre and doctors surgery, as well as an extensive upgrade to the existing shopping centre. Another 20,000 sq ft of retail space will also be created.
Rockspring acquired The Precinct in 2010 on behalf of its UK Value Fund in joint venture with Manse. The current property, which is fully let to a range of tenants, including the Co-op, Lloyds TSB, Boots, Heron, B&M and Savers, totals 96,500 sq ft and includes 40 retail units.
Richard Bains, Rockspring UK Value Fund Manager, said: “This high profile letting will both complement and enhance the existing retail offering, and also help drive the regeneration of the whole town centre.”
“We now look forward to starting work on the extension, and conducting additional refurbishment, which we believe will be welcomed by shoppers, increasing footfall to the benefit of all other retailers.”