Premcor Estates has completed North Durham Retail Park, at Pity Me, in Durham, and sold it to an overseas fund for an undisclosed price.
Premcor acquired the five-acre site, which was formerly known as Elddis Business Park, from Elddis Transport when it became surplus to requirements and submitted plans for the redevelopment of the site to Durham County Council in 2019.
After receiving the green light from planners, GMI Construction commenced works on the 45,000 sq ft park in July 2021. Leasing deals with Home Bargains, Aldi, Iceland’s ‘The Food Warehouse’ and Starbucks have been agreed at the development, with 95 new, full-time jobs created.
Simon Hawkins, director at Premcor, said: “This was the first site we acquired operating as Premcor Estates, so it was a special one for us and we are delighted with the result and the calibre of retailers we have secured as tenants.
“We have a strong track record of successfully matching market demand with investor requirements, which is exactly what we have achieved at North Durham Retail Park where we have been able to not only provide greater consumer choice and create new jobs for local people, but with the sale proceeds, Elddis was also able to reinvest in the growth and success of its firm in the region, which is good news for its hundreds of employees.
“As we enter 2023 and have come full circle with this particular project, we are looking at other opportunities in commercial, industrial, retail, leisure and hotels on sites throughout the UK.”
