17 Nov 2016
M7 completes initial phase of £3.5 million redevelopment of Vision Retail Park Hartlepool
London, 17 November 2016 – M7 Real Estate, the pan-European real estate investor and asset manager, announces the completion of the initial phase of its £3.5 million redevelopment and rebrand programme at 66,781 sq ft Vision Retail Park in Hartlepool. Simultaneously, M7 has announced a pre-let to Costa Coffee of an 1,800 sq ft drive-thru unit, which will commence construction immediately.
M7 acquired Vision Retail Park in late 2013, and since then has undertaken an extensive asset management programme to rationalise occupancy, acquire additional land to enable redevelopment and ultimately to create a modern retail environment. The works have included expansion of the loading areas, re-routing of roadways to improve access and car parking, a complete recladding of the building, and the creation of a covered colonnade incorporating highly visible retail entrances.
Vision Retail Park comprises eight units and two kiosks, ranging from 242 sq ft to 20,410 sq ft in size, with planning permission in place for the subdivision of the larger units, and 356 car parking spaces. The 66,781 sq ft retail park is located in Hartlepool, 30 miles south of Newcastle, and benefits from a catchment area of 677,000 within a 30 minute drive of the park, as well as strong retailer demand for the area driven by the two adjacent fully let retail parks, Anchor and High Point, home to retailers such as Next, M&S Simply Food and TK Maxx, as well as a leisure scheme anchored by a Vue cinema.
The marketing launch for Vision Retail Park is scheduled for 8 September 2016. The 20,410 sq ft anchor unit is currently available for lease and initial interest in it is good.
John Murnaghan, Head of UK Real Estate at M7, commented: “Hartlepool is a vibrant coastal town and the redevelopment of Vision Retail Park will produce some of the highest quality retail accommodation in the area. Already home to national retailers such as B&M, we look forward to welcoming Costa Coffee on site and are experiencing strong occupier interest for the remaining space. We look forward to announcing the addition of further leading retailers and operators to our mix of tenants in due course.”