Funding boosts Almscliffe Dhesi's retail park work

A retail development in Sunderland is set to create up to 150 jobs following a significant funding boost. 

Property developer Almscliffe Dhesi (AD) has secured a £6 million loan from the North East Commercial Property Investment Fund to help transform the former Farringdon Police Station site into a 32,100sq ft retail park featuring national brands such as B&M Homestore, Costa, Greggs and Westway Vets.

The loan is the investment fund’s largest since its launch in 2023, while additional mezzanine funding was provided by Develop North PLC to ensure the project’s completion. 

Tony Cullen, fund manager for FW Capital, which manages the £35 million North East Commercial Property Investment Fund, said: “It’s great to be working with AD again. 

“They’ve an excellent track record of regeneration and creating developments that bring significant investment to the local economy. 

“This latest site in Sunderland is making a positive impact and will encourage local people to take advantage of the quality employment opportunities that will be available during construction and after the site is completed.”

Councillor Michael Mordey, portfolio lead for investment at the North East Combined Authority, added: “We’re using devolved powers and funding to create jobs and attract investment into Sunderland and across the North East. 

“This investment will breathe new life into a site in need of regeneration and continue Sunderland’s transformation.”

The announcement comes as AD, founded in 2019 by Neil Creeney and Bal Singh, completes three retail developments in Peterlee, Crook and Scunthorpe, all of which are home to national retail occupiers, as well as starting work on another retail development at Faverdale, in Darlington.

Neil added: “It is tremendous news that work has now been completed on these three significant developments. 

“Together, we estimate they will create more than 150 jobs.

Bal added: “These successful developments have given us the confidence that our business model is the correct one, attracting popular national retailers to regenerated brownfield and creating new and sustainable jobs.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →