Newcastle property firm Adderstone Group has expanded its commercial portfolio by snapping up a Northumberland retail park.
The company has announced it has acquired the Broadgates Retail Park in Hexham - which includes a Marks & Spencer and a B&M store - in a multimillion-pound deal.
The retail park is based at Maiden’s Walk in Hexham, on the old Auction Mart site, and comprises 4.57 acres of the town centre.
The site was developed in the early 1990s by previous owners Cooperative Group, to provide a modern food store and car park, before a long leasehold interest was granted to Marks & Spencer in 2008.
In 2016 a store was built for B&M Retail adjacent to the Marks & Spencer store.
Bob Fletcher from @Retail Property Consultants, which acted on behalf of the vendor, said: “We are delighted to act in disposal of this vibrant retail hub in the centre of Hexham.”
The acquisition by Adderstone Group comes on the back of a significant number of investments in commercial property in the last year, including Gainsborough House on Grey Street, which led to the arrival of new restaurant Pizza Punks.
The company also bought the Rivergreen Centre, home to Atom Bank, in Durham, and The Fleming Business Centre in Jesmond.
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Meanwhile in Gateshead the firm has taken on the former Baja Beach Club, which it says has the potential to become some of the best riverside offices in the region.
Construction teams are stripping back the interior of the 19,000sqft building, in preparation for conversion to a new use, but several pieces of memorabilia were saved and sold for charity.
Now the property development, construction and investment group says it is pleased to have secured a key Northumberland property.
Adderstone Group founder and chief executive officer Ian Baggett said: “Hexham is one of the most beautiful market towns in the country. My team and I have worked hard on what was an intricate deal and are excited to have acquired another key strategic asset.”