Sunderland: bridging the gap

News

04 September 1993

Sunderland’s prime shopping area has shifted from the traditional pitches to The Bridges, which Land Securities bought in June from Heron Property Corporation for £39m.

Located between the bus and railway stations and with frontages to High Street and Market Square, the 1960s centre was roofed in and refurbished in 1988. There are 83 units in the 250,000-sq ft scheme, which is anchored by Tesco, Boots and C&A. The centre also boasts a string of national multiples, including Dorothy Perkins, H Samuel, Fosters, Body Shop, Early Learning Centre and Dixons.

Land Securities is currently digesting its new acquisition, which produces a net income of £3.25m with a net initial yield of over 8%. However, with The Bridges came an option over a council-owned site in Crowtree Road, to the rear of the centre. There is speculation that this could become the site of a new bus station, releasing the current terminus for a westward extension of the shopping centre.

Land Securities is also believed to own properties outside the scheme in the pedestrianised Market Square. These are understood to have been let on short-term leases outside the Landlord and Tenant Acts, which could enable eastward extension of The Bridges by roofing in still more space.

While The Bridges commands zone A rents of £90 to £100, levels in Market Square are approximately £85 per sq ft. On High Street West zone A levels of £40 to £45 prevail, falling to about £25 to £30 on Fawcett Street.

Fawcett Street’s decline has led to the closure of two former Binns department stores, on opposite sides of the street, by House of Fraser.

Local retailer Visage has paid close to the asking price of £1.75m for Binns West, which has 115,000 sq ft on five floors. Visage plans to use the store, which is due to reopen shortly, for fashion retailing and concessionaires. Storey Sons & Parker and Churston Heard acted for House of Fraser.

The agents are currently negotiating the sale of Binns East to a retailer who will operate from the ground floor. Another use is being sought for the upper floors.

Sunderland’s prime shopping area has shifted from the traditional pitches to The Bridges, which Land Securities bought in June from Heron Property Corporation for £39m. Located between the bus and railway stations and with frontages to High Street and Market Square, the 1960s centre was roofed in and refurbished in 1988. There are 83 units in the 250,000-sq ft scheme, which is anchored by Tesco, Boots and C&A. The centre also boasts a string of national multiples, including Dorothy Perkins, H Samuel, Fosters, Body Shop, Early Learning Centre and Dixons. Land Securities is currently digesting its new acquisition, which produces a net income of £3.25m with a net initial yield of over 8%. However, with The Bridges came an option over a council-owned site in Crowtree Road, to the rear of the centre. There is speculation that this could become the site of a new bus station, releasing the current terminus for a westward extension of the shopping centre. Land Securities is also believed to own properties outside the scheme in the pedestrianised Market Square. These are understood to have been let on short-term leases outside the Landlord and Tenant Acts, which could enable eastward extension of The Bridges by roofing in still more space. While The Bridges commands zone A rents of £90 to £100, levels in Market Square are approximately £85 per sq ft. On High Street West zone A levels of £40 to £45 prevail, falling to about £25 to £30 on Fawcett Street. Fawcett Street’s decline has led to the closure of two former Binns department stores, on opposite sides of the street, by House of Fraser. Local retailer Visage has paid close to the asking price of £1.75m for Binns West, which has 115,000 sq ft on five floors. Visage plans to use the store, which is due to reopen shortly, for fashion retailing and concessionaires. Storey Sons & Parker and Churston Heard acted for House of Fraser. The agents are currently negotiating the sale of Binns East to a retailer who will operate from the ground floor. Another use is being sought for the upper floors.