Liverpool based commercial property consultants, Mason Owen, as an adviser to TCD Estates, have achieved an unconditional sale on Berwick-Upon-Tweed retail park, Loaning Meadows to LXi REIT who were represented by Prime Retail.
LXi REIT invests in UK commercial property assets and forward funded the retail park on a fixed price basis.
Construction company, Caddick Construction has now started work on phase one of the site, which will consist of 6 units, headlined by Aldi and Home Bargains.
Iceland, Greggs, Costa and KFC will be taking additional units on the prominent site which sits on the main A1 ring road around Berwick-upon-Tweed, adjacent to an existing retail development featuring Morrisons, Travelodge and McDonalds. The scheme will also include a rapid EV charging hub.
All units have been let on long leases with strong tenant covenants across robust sectors. Phase 1 is set to be completed later this year and will consist of over 55,000 sq ft in total.
TCD expect to begin Phase 2 of the development after the success of Phase 1. John Taylor, development director, TCD Estates said: ‘Construction commencement has already generated further retailer enquiries and we have concluded negotiations with another prime national retailer and hope to progress phase two immediately.’
Simon Bland, managing director, Mason Owen said: ‘We were delighted, together with Alasdair Coates of Coates Commercial to work with the team at TCD on the sale of Loaning Meadows to LXi REIT and achieve a successful outcome for this exciting new retail development. It is an excellent site which has attracted high demand for retailers and we will be looking to further secure retailers for Phase 2 of the development.’