Shopping centre gets Yorkshire funding
A TEAM of Yorkshire bankers has contributed nearly £19m to a shopping centre development in the north of England.
The property finance group at Lloyds TSB Corporate Markets in Leeds is part-funding the £32m Sanderson Arcade scheme in Morpeth, Northumberland.
The development is being carried out by Morpeth II, a joint venture between Dransfield Properties based in Tankersley, near Barnsley and Ethel Austin Properties, based in Liverpool.
Sanderson’s Arcade and Back Riggs shopping centre will include shops, such as Marks & Spencer, offices, a landscaped piazza and several major infrastructure improvements.
Lloyds TSB Corporate Markets provided development finance of £18.7m for the scheme, which is expected to be completed by January 2010.
Mark Dransfield, managing director of Dransfield, said: “We’ve had the full support of the local council and the local community and the large number of pre-lets is a sign of the confidence of the retail sector in this project.”
Tom Cross, relationship director, property finance team at Lloyds TSB Corporate Markets, said: “Sanderson Arcade is a sure sign that commercial property deals can be done in the current climate.”
The redevelopment will see 27 shops built as well as six offices and a new town centre bus interchange and car parking amenities.
