Arch boosts portfolio with £78m Manor Walks purchase

Arch boosts portfolio with £78m Manor Walks purchase

Northumberland development company Arch has exchanged contracts with London-based firm Hammerson for the purchase of Manor Walks Shopping Centre for £78m.

The centre, located in the heart of Crammlington, currently attracts 10 million visitors a year.

The property acquisition includes the entire 442,802 sq ft shopping centre, as well as food store tenants Sainsbury’s and Asda, a 9-screen multiplex VUE cinema, three office blocks, three car parks and the former Northumberland City Council library building.

The site is also home to key national retailers such as Boots, Barclays, Iceland, Dorothy Perkins, Superdrug and New look, and food operators Nandos, Prezzo and Frankie and Benny’s.

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.”

This latest acquisition brings Arch’s portfolio value to over £216m.

Councillor Allan Hepple, Cabinet Member for Economic Growth at Northumberland County Council said: "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." 

 

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