Develop North exits after ‘instrumental’ backing

A £1 million investment has helped transform a long-derelict former Sunderland police station into a fully occupied retail park.

Investment company Develop North PLC provided the funding to Almscliffe Dhesi Group to redevelop the long-derelict Farringdon Police Station site on Durham Road.

Completion of the project and repayment of the facility has now delivered a successful investment exit for Develop North.

The former police station, which had stood unused for more than a decade, has been replaced by a 32,450sq ft retail development.

Tenants include B&M, Costa Drive-Thru, Greggs, Dicksons Butchers, The Tanning Shop and Westway Vets, with the scheme creating more than 100 jobs.

The development also features 110 parking spaces and Fastned electric vehicle charging facilities.

Develop North says the investment demonstrates its strategy of providing flexible funding to experienced developers to unlock residential and commercial property projects while supporting regeneration and economic growth.

Following repayment, the company can recycle the capital into further investment opportunities.

Brendan O’Grady, fund manager at Tier One Capital, investment adviser to Develop North, said: “One of the strengths of Develop North’s investment strategy is identifying experienced developers with well-considered schemes capable of delivering strong commercial outcomes alongside wider economic benefits.

“The regeneration of the former Farringdon Police Station is an excellent example of that approach in action. 

“A prominent brownfield site has been transformed into a high-quality retail destination that has attracted major national occupiers, created new employment opportunities and delivered lasting value for the local community.”

Almscliffe Dhesi Group, co-founded by directors Neil Creeney and Bal Singh, specialises in retail, roadside and trade counter developments across the North East and Yorkshire.

The project has returned a prominent Sunderland brownfield site to productive use while adding new retail provision and employment opportunities to the area.

Bal added: “Seeing this development fully completed and occupied is enormously rewarding. 

“After working on the project for several years, we’ve transformed what had become a long-derelict site into a vibrant retail destination that is creating jobs, attracting investment and providing new amenities for the local community.

“As someone who has lived close to Durham Road for most of my life, this has always been a particularly important project for me. 

“Develop North’s support was instrumental in helping us bring the scheme forward and we'd like to thank the team for their confidence throughout the development. 

“The successful completion of the project demonstrates what can be achieved when experienced funding partners work alongside ambitious developers with a shared long-term vision.”

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