Metric Property Investments has acquired a 4-acre redevelopment site in Bishop Auckland, County Durham from Bank of Ireland and Kingsland Estates.
Metric will pay an initial £2.3m for the site previously occupied by Focus with a further £8.7m to be invested in development costs.
A revised planning application has been submitted to redevelop a circa-50,000 sq ft retail park on the site, which will adjoin recently opened Tesco and Sainsbury’s food stores.
Construction is expected to commence in early 2012, with practical completion scheduled for autumn 2012.
The scheme is anticipated to deliver a yield on cost of 7.75%, once fully occupied.
Metric chief executive Andrew Jones said: “We are in discussions with our target retailers and are excited by the high level of occupier appeal already demonstrated.”
Jones Lang LaSalle advised Metric.
Nick.whitten@estatesgazette.com
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