FPG picks up Tyne View Retail Park
Advance Northumberland and Northumberland Estates have sold the Prudhoe shopping destination, once home to Wylam Colliery.
The site, derelict for five decades, was developed through a strategic partnership between regeneration body Advance Northumberland and developer Northumberland Estates, named Prudhoe Estates.
Tyne View now comprises more than 50,000 sq ft of retail floorspace across 7.4 acres, anchored by multiples including Aldi, B&M, Greggs, McDonald’s and Osprey EV Chargers.
Outline consent is in place for a 20,000 sq ft expansion, across a roundabout adjacent to the roadside scheme, which sits alongside the A695 Princess Way north of Prudhoe town centre.
Advance Northumberland said that “Tyne View Retail Park continues to cement its position as the principal retail destination in Prudhoe and the wider region, thanks to a strong tenant mix, strategic location, and exciting plans for expansion.”
The park will now be run by FPG Prudhoe, a subsidiary of specialist retail park operator FPG (UK). Peel Retail Park in Washington is among the assets listed on FPG’s website.
Tyne View is described as benefiting from high visibility, excellent transport links, and ample free parking.
The outgoing partners said that as part of the ongoing strategy to ensure the long-term success of the development, they had accepted FPG’s offer to take on the park.
Northumberland Estates will retain the western plot for future development, “reinforcing its commitment to Prudhoe and ensuring further opportunities for commercial and community growth”.
Steven Harrison, chief executive at Advance Northumberland, said: “The sale marks the beginning of an exciting new chapter for Tyne View Retail Park, we are delighted that FPG will be taking the site forward, building on its current success and securing its future as a key retail destination for the county.
“This is a great example of what Advance Northumberland is here to do – drive positive change and create lasting value for Northumberland’s communities and economy.”
Altaf Bharde, director of FPG, added: “We are proud of the role Tyne View Retail Park plays in supporting the local economy and looking forward to providing high-quality retail experience for the community.
“The planned expansion will allow us to bring in more great brands and further strengthen the park’s position as a key regional shopping destination with a strong tenant base.”
Womble Bond Dickinson and MHPI represented Advance Northumberland and Northumberland Estates, with Harold Benjamin Solicitors and xprop working for FPG Prudhoe.
