A shopping centre has a new owner after it was sold for £38million.
Dalton Park in Murton has been bought by TH Real Estate’s UK Balanced Funds from Peveril Securities.
It is the major outlet centre in the North East and our phase two plans will give it further critical mass and regional status.Rob McQueen, senior portfolio manager at TH Real Estate
The change in ownership comes as the shopping outlet begins work on the second phase of the development.
Today will see a groundbreaking ceremony held on the park as construction begins on its £45million expansion.
The next phase has already been pre-let to Morrisons supermarket, Cineworld, KFC, Pizza Express, Prezzo and Frankie and Benny’s.
The scheme also includes a hotel, a pub and another non-food store, with new images of what the park will look like when it is complete revealed to mark the start of the work.
This afternoon’s event will see Easington MP Grahame Morris join chairman of Murton Parish Council Tom Pinkney, members of the construction firm Bowmer & Kirkland and the centre’s management team cut the first turf.
Work on the reclaimed colliery site is expected to be finished next spring.
Rob MacQueen, senior portfolio manager at TH Real Estate, said: “We are delighted to have secured the acquisition of Dalton Park.
“It is the major outlet centre in the North East and our phase two plans will give it further critical mass and regional status.”
Colin Brooks, managing director at Realm, which manages the centre, added: “We are looking forward to working with TH Real Estate, to grow the performance of the asset and ensure a smooth transition and handover of the phase two next year.”