Develop North PLC (Develop North) has completed another successful investment exit following the transformation of Sunderland's former Farringdon Police Station into a thriving retail destination.
The London Stock Exchange-listed investment company provided a £1m facility, to support property developer Almscliffe Dhesi Group’s regeneration of the long-derelict site.
The successful completion of the development and repayment of the funding marks another positive outcome for Develop North's real estate lending portfolio, demonstrating its strategy of backing experienced developers to unlock commercially attractive real estate opportunities while supporting regeneration and economic growth.
The former police station on Durham Road has been redeveloped into a fully occupied 32,450 sq ft retail park, bringing a prominent brownfield site back into productive use after more than a decade.
The completed development is home to B&M, Costa Drive-Thru, Greggs, Dicksons Butchers, The Tanning Shop and Westway Vets, together with a 110-space car park incorporating Fastned electric vehicle charging facilities and has created more than 100 jobs.
Develop North's funding supported Almscliffe Dhesi Group throughout the delivery of the scheme and has helped bring forward one of Sunderland's most significant recent retail regeneration projects.
The successful exit adds to Develop North’s growing track record of supporting residential and commercial real estate developments through flexible funding solutions before recycling capital into new investment opportunities, helping deliver regeneration while generating long-term value for shareholders.
Brendan O'Grady, Fund Manager at Tier One Capital, investment adviser to Develop North, said: “One of the strengths of Develop North's investment strategy is identifying experienced developers with well-considered schemes capable of delivering strong commercial outcomes alongside wider economic benefits.
“The regeneration of the former Farringdon Police Station is an excellent example of that approach in action. A prominent brownfield site has been transformed into a high-quality retail destination that has attracted major national occupiers, created new employment opportunities and delivered lasting value for the local community.
Almscliffe Dhesi Group, co-founded by directors Neil Creeney and Bal Singh, specialises in retail, roadside and trade counter developments across the North East and Yorkshire.
Bal Singh, Director at Almscliffe Dhesi, said: “Seeing this development fully completed and occupied is enormously rewarding. After working on the project for several years, we've transformed what had become a long-derelict site into a vibrant retail destination that is creating jobs, attracting investment and providing new amenities for the local community.
“As someone who has lived close to Durham Road for most of my life, this has always been a particularly important project for me. Develop North's support was instrumental in helping us bring the scheme forward and we'd like to thank the team for their confidence throughout the development. The successful completion of the project demonstrates what can be achieved when experienced funding partners work alongside ambitious developers with a shared long-term vision.”