Leading Tyneside retail park sold in £40m deal

A PROMINENT Newcastle retail park has been sold in a £40m deal.

- TOM KEIGHLEY

Newcastle Shopping Park in Byker, which is home to brands such as Asda, Pets At Home and TK Maxx, has been acquired by Orchard Street Investment Management, acting on behalf of a pension fund client.

The commercial property investor, which has about £3bn assets under discretionary management, has paid £40.5m to owner Patrizia.

The 12.9-acre freehold site includes 233,214 sqft of retail space anchored by a 68,320 sqft Asda superstore which is said to be one of the best performing stores in the North East.

Alongside the anchor supermarket tenant, the 10 retail warehouse units are fully let and also include M&S Outlet, B&M, Iceland and JD Sports.