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As the retail landscape has evolved over the past few years, retail parks have become an increasingly attractive investment, or as <a href="https://completelyretail.co.uk/portfolio/BritishLand">British Land</a> boss Simon Carter previously put it: "the winning retail format".



But what drives their success? For Grace Waterworth, asset manager at British Land, retail parks offer customers and businesses the three 'A's – affordability, adaptability, and accessibility.



Waterworth is part of the team behind <a href="https://completelyretail.co.uk/scheme/teesside-park-stockton-on-tees-3349">Teesside Park</a> in <a href="https://completelyretail.co.uk/shops-to-rent/stockton-on-tees">Stockton-on-Tees</a>, an asset which she says is a "prime example" of offering these three 'A's:



"The format is incredibly attractive to retailers due to lower occupational cost ratios than high streets or shopping centres, driven by lower rents, rates and service charges and strong store turnover", she says.



Once a traditional, 'boxy' retail park, Teesside Park in the Tees Valley – of which British Land owns around 585,000 sq ft – is the primary retail destination for the surrounding catchment, which includes the towns of Darlington, Hartlepool, Redcar, and Middlesbrough.



Accessibility to these surrounding areas has played a key role in the scheme's success, says Waterworth:



"At Teesside Park there is excellent access from the A66 and A19 directly into a large, free car park.&nbsp; This makes Teesside Park ideal not only for shopping, but for click-and-collect, returning goods to store and increasingly shipping from store", she says, adding that the asset has also been able to benefit from the flexibility of the retail park format:



"They are essentially a steel box, which we are able to carve up, amalgamate and extend to suit individual requirements."



This has enabled Teesside Park to bring in attractive occupiers traditionally associated with high street retail and create a unique offer at Teesside Park. British Land have added a 10,000 sq ft extension to an existing unit to create a space for Primark, facilitated an upsize of Sports Direct on the park, and split a unit to accommodate both Wagamama and Lush in recent times. This versatile use of space has allowed the asset to boast a tenant mix closer to those seen in town centres rather than in traditional out-of-town destinations.



<figure class="wp-block-image size-large"><img src="https://news.completelyretail.co.uk/wp-content/uploads/2024/03/Lush_Wagamama_1-1024x683.jpg" alt="" class="wp-image-20646"/></figure>



New arrivals at Teesside Park Lush, Wagamama (above) and Nike (below)



<figure class="wp-block-image size-large"><img src="https://news.completelyretail.co.uk/wp-content/uploads/2024/03/2-Edit-Nike-Unite-Teesside-TDM.Space-HIGH-RES-1-1024x731.jpg" alt="" class="wp-image-20647"/></figure>



British Land also owns just over 100,000 sq ft of the adjacent <a href="https://completelyretail.co.uk/scheme/teesside-leisure-park-21785">Teesside Leisure Park</a>, which is home to the likes of Hollywood Bowl, Burger King, and Pizza Hut.



This leisure offer is set to expand in 2024, with Hollywood Bowl extending to open a 12-hole mini golf course and additional bowling lanes, whilst British Land has agreed an offer with Ninja Warrior with the remaining space under offer from a gym operator.



"This expanded offer will further strengthen Teesside Park as a key leisure destination for the Tees Valley, providing a fantastic variety of activities and day out", says Waterworth.



<figure class="wp-block-image"><img src="https://news.completelyretail.co.uk/wp-content/uploads/2024/03/CG_Teesside_Leisure_Park_Stockton-on-Tees_picture_2023-11-29-16-31-43-1024x797.jpeg" alt="" class="wp-image-20645"/></figure>



Teesside Leisure Park







As well as bringing new and unique tenants to Teesside, British Land has also pushed for better services for local residents as a means to increase footfall.



Catherine Furlong, centre director at Teesside Park, says that the Tees Valley is one of many areas in the north which have suffered a long-term lack of investment in public transport infrastructure:



"Teesside Park has never benefited from good transport links to the rest of the Tees Valley and has been a 'drive to destination.'&nbsp;The Tees Valley has lower levels of car ownership compared to the rest of the UK, so this has meant that many people living in the area have become socially excluded from using Teesside Park, for employment, enjoyment, or both", she says.



However, in November last year three new bus routes started running to Teesside Park following successful lobbying from British Land. Furlong says that the positive effects of these changes are already being seen, with the new bus services bringing in approximately 3,000 additional visitors every week, from groups such as the elderly, students, and low income families without access to a car.



<figure class="wp-block-image size-large"><img src="https://news.completelyretail.co.uk/wp-content/uploads/2024/03/20231213_Teesside-Park_Stagecoach-launch-14-1024x683.jpg" alt="" class="wp-image-20696"/></figure>



One of the new bus services at Teesside Park



"Better transport to the park has improved the lives of so many people", says Furlong, "for example, opening up employment opportunities for young people and giving freedom for the elderly to go shopping. People who have previously been isolated are now able to get out and meet others, students can enjoy a shopping or leisure trip, families on low incomes who do not have access to a car can now get to Teesside Park."



The Tees Valley Combined Authority is also set to invest into more local transport projects, having been granted just over £900m from the cancelled HS2 project.



Grace Waterworth says the combination of new retailer openings and improved public transport has strengthened Teesside Park as the "key retail and leisure destination in the Tees Valley", with many new retailers exceeding their sales and expectations and existing retailers receiving the benefits of increased footfall. She adds that sales at the scheme have increased by over 9% in the past 12 months.



The results at Teesside Park are an example of British Land's three 'A's in action. The asset's affordability, adaptability, and accessibility, combined with changes to the tenant mix and local transport links, make it a clear example of why British Land sees its retail parks as the "winning" format.



It doesn't stop there however, with more investment expected at Teesside Park in the near future:



“Teesside Park has undergone significant change over the last couple of years and we aim to continue building on our retail and leisure offer to meet our customer needs and improve their shopping experience", says Waterworth, "we look forward to announcing the opening of more exciting brands in the near future.”

Teesside Park: British Land's "winning" retail park format in action

billingham-evolve-acquisition-jan-2024

Billingham Evolve acquisition Jan 2024

Evolve Estates, part of M Core, has acquired <a href="https://completelyretail.co.uk/shops-to-rent/billingham">Billingham</a> town centre in County Durham as part of its strategic investment into the retail sector.



The 320,000 sq ft open-air retail scheme is a dominant retail destination within the region, with anchor tenants including Asda, B&amp;M, and Aldi.



Attracting a total footfall of around 70,000 per week, the town centre contains over 90 retail units – 10 of which are currently vacant – and 673 car park spaces.



The town of Billingham is located just outside of Middlesbrough and Stockton-on-Tees, and has a residential population of 80,000.



Danny O’Keefe, founding partner at Evolve Estates, said: "Billingham shopping centre is a community focal point, aligning perfectly with our mission to enhance these essential retail hubs for the benefit of local residents and visitors."



Evolve Estates said its team of asset managers is already in talks with both national brands and local traders that are eager to elevate their businesses.



Bradley Maher at Cited Property acted for Evolve, whilst James Pearson at Four &amp; Co acted as agent for the vendor.



M Core has invested over £200m into the market over the last 12 months, with notable acquisitions including the Livingston Centre in Scotland, Grosvenor Shopping Centre in Northampton, and Parc y Llyn in Aberystwyth.



The group said it has £300 million earmarked for further investments, ranging between £500,000 and £30 million, and portfolios up to £150 million.



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M Core's Evolve Estates makes strategic North East acquisition

portrack_kf

Portrack_KF

A retail warehouse and trade counter park in <a href="https://completelyretail.co.uk/shops-to-rent/stockton-on-tees">Stockton-on-Tees</a> has been sold to an overseas family office in a deal worth £6.35m.



The sale of <a href="https://completelyretail.co.uk/scheme/portrack-retail-park-stockton-on-tees-3342">Portrack Retail Park</a>, which is located off Portrack Lane, was brokered by joint agents Knight Frank and JLL on behalf of UK Land Investments.



The site comprises 65,235 sq ft of fully-let retail, warehouse, and trade counter properties, with tenants including OneGym, Michael O'Connor Furniture, Howdens, United Carpets and Tile Mountain.



Knight Frank, which said there was a lot of interest from potential purchasers for the investment, has retained the property management contract for the site.



Gross rent at the scheme is £505,950 per year, an average of £8 per square foot.



Dickon Wood, partner at Knight Frank, said: "The investment market is increasingly difficult due to inflationary pressures and increasing base rates but this disposal of Portrack Retail Park demonstrates there are still some excellent opportunities and active investors in the market."



David Gibbs, of UK Land Investments, added: "UK Land Investments Ltd&nbsp; has invested heavily in Portrack Retail Park and has been hugely successful in securing lettings to a strong line up of tenants from the trade, retail and leisure sectors, creating a highly secure and diverse investment."

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