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Monday, May 12, 2023

Sterling Capitol sell shopping centre in Redcar, North Yorkshire

Leeds-based developers Sterling Capitol have sold a brand-new shopping centre in Roseberry Road in Redcar, Cleveland, to Mowden Park Estates for 2.36 million.

Roseberry Shopping Centre, a 30,000 sq ft development, features six ground-floor retail units with a seventh unit at first floor level and will be anchored by a new library and Netto food store.

Other tenants include Sainsburys Local, Ladbrokes, ScotChem, Domino's Pizza and a dentist practice. The developers have also provided a new community centre for redcar and Cleveland Borough Council.

The new development replaces the existing 1960s Roseberry Court Shopping Centre, which has been demolished.

Simon Clarke, director of Sterling Capitol, commented: "This is a significant development for Redcar. It forms the commercial element of one of Redcar and Cleveland Council's key regeneration projects, which also comprises 370 new homes and community facilities".

The development is strategically situated off Roseberry Road, close to the A1042, which provides direct access to the town centre and the A174 trunk road to the south.

Mr Clarke commented: "This has proved to be an excellent investment opportunity. The Netto food store and community library have been sold off on long leaseholds and there is an attractive mix of existing tenants, which has made this a popular retail location."

The agents for Sterling Capitol were the Leeds office of Sanderson Weatherall.