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Hammerson sells Westmorland Retail Park

Hammerson has exchanged contracts for the sale of Westmorland Retail Park in Cramlington in Northumberland to Arch Commercial Enterprise for £36 million.

SHOPPING CENTRES & RETAIL PARKS

Hammerson sells Westmorland Retail Park

Hammerson has exchanged contracts for the sale of Westmorland Retail Park in Cramlington in Northumberland to Arch Commercial Enterprise for £36 million.

Arch also acquired the adjacent Manor Walks Shopping Centre in July 2016 from Hammerson. The two schemes form the core retail offer for Cramlington town centre.

David Atkins, chief executive of Hammerson, said: "It is encouraging to see continued interest in well-positioned retail park assets at supportive pricing levels. Arch is a natural owner of the asset having already invested in the adjacent shopping centre, and our strategy of introducing high street brands to this asset has created a strong offering for the local catchment."

Hammerson acquired Westmorland Retail Park in 2006 and since then has refurbished and extended the scheme and attracted a number of new high-street brands including Currys PC World, TK Maxx, Costa and M&S Food.

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