Partner Article

Sunderland’s Pallion Retail Park snapped up in £25.6m deal

Ediston Property Investment Company plc has acquired Pallion Retail Park, based in Sunderland, for a fee of £25.6m.

After disposing of Cutlers Gate, a Sheffield-based office building, for £20.1m to UK Commercial Property Trust Limited, Ediston has reinvested the proceeds to snap up the Sunderland retail site.

Pallion Retail Park, which lies to the North West of Sunderland city centre, extends to 131,349 sq. ft., across nine units.

The Park itself will soon benefit from significant infrastructure change taking place in the city, namely with the construction of the New Wear Bridge and the Sunderland Strategic Transport Corridor.

Tenants on site include B&M, Dunelm, Matalan, Iceland and Poundstretcher, while plans are being discussed to potentially build a Costa Coffee drive-thru.

Calum Bruce, Director of Investment at Ediston Properties Limited, the Company’s Investment Manager, said: “Sheffield is a good example of the Ediston style of asset management; unlocking value from a ‘dry’ asset through a proper understanding of the tenant’s needs, creating a robust and attractive income stream and selling on to the institutional market.

“We are pleased to have quickly recycled the capital back into an ‘Ediston style’ asset which provides attractive asset management angles to exploit.

“This asset is well suited to our intensive approach to management, and allows us to recommence the value add process with a new property.”

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