Sunderland retail scheme hits the market
Having completed the transformation of the former Farringdon Hall Police Station and its adjacent land into a 32,000 sq ft retail park, developer Almscliffe Dhesi is looking to sell with a price tag of £10m.
AD was granted permission for the development in June 2023, started demolition on site in 2024, and landed a £6m loan to complete construction in March last year.
The loan was provided by the North East Commercial Property Investment Fund managed by FW Capital and backed by the North East Combined Authority.
Now, the fully-let 32,450 sq ft site is home to occupiers B&M, a Costa Drive-Thru, Greggs, Dicksons Butchers, The Tanning Shop, and Westway Vets, and has an annual rent roll of £627,500.
There is also a 110-space car park including eight EV charging points let to Fastned.
The guide price of £10m+ represents an initial yield of 5.74%.
Bal Singh, Almslciffe Dhesi director, commented: “It fills me with great pride to finally see work completed on site and our development fully occupied.
“Having worked on this project for over seven years, it has been a real labour of love for me as I’m incredibly proud of the area and of my city of Sunderland.
“This development adds real value to the community, creating over 100 much-needed jobs forlocal people and providing a vibrant retail centre in a popular residential area of the city.
“The old police station building was nothing but a blight on our community since it closed its doors 10 years ago, so it’s been great working with Sunderland City Council, who shared our vision of once again making this site a key part of the community breathing new life into
derelict land.
“I’m Sunderland bred and I’ve lived close to Durham Road all my life, so I’m delighted to have been able to rejuvenate this derelict site.”
Neil Creeney, co-director of Almscliffe Dhesi with Bal, added: “Our business blueprint involves locating a vacant visible, roadside site, preferably in Yorkshire, the North East or Humberside, and obtaining planning permission to develop it for retail and roadside uses.
“We have excellent contacts for nationally renowned end-users, including supermarkets, drive-thru’ outlets and retail operators, who are looking for what we can provide. This major Sunderland development is a magnificent example of this.”
