Newcastle property group acquires Hexham retail park in multi-million-pound deal
Newcastle-based Adderstone Group has expanded its commercial portfolio following the multi-million-pound acquisition of the Broadgates Retail Park in Hexham.
The retail park includes both B&M and Marks & Spencer stores, and is situated on the old Auction Mart site, comprising 4.57 acres of the town centre.
Bob Fletcher, from Retail Property Consultants acting on behalf of the vendor, said: “We are delighted to act in disposal of this vibrant retail hub in the centre of Hexham.
“This acquisition by Adderstone Group comes on the back of a significant number of investments in commercial property in the last 12 months, including Gainsborough House on Grey Street; the Rivergreen Centre; Atom Bank HQ in Durham; The Fleming Business Centre in Jesmond; and the former Baja Beach Club on Newcastle Quayside.”
The site, developed in the early 1990s, provided a food store and car park when it was set up by Cooperative Group, the previous owners. A long leasehold interest was granted to Marks & Spencer in 2008, with B&M arriving in 2016.
Adderstone Group’s founder CEO, Ian Baggett, added: “Hexham is one of the most beautiful market towns in the country. My team and I have worked hard on what was an intricate deal and are excited to have acquired another key strategic asset.”
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