Rockspring Property Investment Managers has secured a prelet to Morrisons for a 74,000 sq ft supermarket at The Precinct shopping centre in Blaydon, near Gateshead, Tyneside.
Morrisons will take the supermarket on a 25-year lease. The scheme is due to start on-site in summer 2012 and is expected to open in 2014.
The council has resolved to grant planning consent to the scheme, which will incorporate the relocation of an existing youth club, day centre and doctor’s surgery and an upgrade of the 96,500 sq ft existing shopping centre with 20,000 sq ft of new shops created.
Rockspring acquired The Precinct in 2010 on behalf of its UK Value Fund in joint venture with Manse.
Richard Bains, Rockspring UK value fund manager, said: “This high-profile letting will both complement and enhance the existing retail offering, and also help to drive the regeneration of the whole town centre.”
daniel.cunningham@estatesgazette.com
