Hammerson quits Cramlington
Published: 07 November, 2016
Council takes over Cramlington town centre
Hammerson has exchanged contracts for the sale of Westmorland retail park in Cramlington, Northumberland, to Arch Commercial Enterprise, the property arm of the local authority, for £36m.
The deal follows from Arch’s acquisition of Manor Walks shopping centre in July 2016, also from Hammerson. Together the schemes form the core retail offer for Cramlington town centre, giving the council full control over management of the town’s retail offering.
Hammerson acquired Westmorland retail park in 2006 and has refurbished and extended the scheme, attracting a number of new high street brands such as Currys PC World, TK Maxx, M&S Simply Foods and Costa.
Hammerson CEO David Atkins commented: “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.”