Member Article

Arch to acquire £78m Cramlington shopping portfolio

Arch, the Northumberland Development Company, is set to become the new owner of Manor Walks Shopping Centre, Cramlington, a move reinforcing its commitment to regenerating the area.

Exchanging contracts for the purchase with major British property development and investment company Hammerson plc, Arch is set to acquire the property portfolio for £78m.

The Cramlington centre, which attracts 10 million visitors a year, includes a multitude of retail developments.

Manor Walks

The portfolio contains:

• Manor Walks covered shopping centre of 442,802 sq ft (41,138 sq m)
• Food store anchor tenants Sainsbury’s and Asda
• Key national retailers including Boots, Barclays, Iceland, Dorothy Perkins, Superdrug, HSBC, New Look
• 9-screen multiplex cinema (let to VUE) with food operators including Nandos, Prezzo, Frankie and Benny’s.
• Three office blocks, part-let to Northumberland County Council and other occupiers
• Three car parks with a total of c.1500 spaces
• The former Northumberland County Council library building

Dave Ledger, Chairman of Arch, said: “Cramlington is the largest growing town in Northumberland and Manor Walks Shopping Centre is a vital local amenity for our communities. “It is the largest shopping centre in the county and plays a key role in the economy of the county. The purchase by Arch is an exciting development which will add to the economic regeneration of the county.”

“Under Arch ownership there is the potential to expand the shopping centre and to improve the surrounding infrastructure, including roads, access and parking at the centre and enabling further benefits to the local economy.”

Manor Walks is currently managed by Workman LLP, one of the UK’s leading property management companies specialising in shopping centre management, with six staff based in Cramlington. Arch plans to retain the current management arrangements and carry out best practice reviews. The latest acquisition diversifies Arch’s portfolio and brings the value to over £216m.

Cllr Allan Hepple, Cabinet Member for Economic Growth at Northumberland County Council, added: “Manor Walks Shopping Centre is the largest shopping centre in the county. As one of our market towns, Arch’s plans to develop Manor Walks in Cramlington can only be a good thing; boosting the local and wider economy.”