Plans to redevelop a major Middlesbrough shopping centre have been announced after it was sold for £12.2m.
Parkway Shopping Centre, at Coulby Newham, which is home to retailers including Tesco Extra, Iceland and Peacocks, has been “under-invested for a number of years”, says the man acting on behalf of the new owners.
The site will be redeveloped to boost jobs and cut operating costs for tenants, by adding “environmental features where possible” according to new owner Bridges Property Alternatives Fund III.
It comes just a couple of weeks after the opening of a new Aldi store near the shopping centre.
Knight Frank, which has been appointed as property managers, said the new owners had bold plans for the site.
Managing director Peter Bowden said: “Coulby Newham has been under-invested for a number of years.
“The partners are looking forward to implementing strategies that will bring employment opportunities, better social engagement and sustainable energy strategies to this asset.”
“Parkway Shopping Centre plays a key role in the wider Coulby Newham community and we all look forward to improving the development.”
The multi-million pound investment includes a 117,000sq ft Tesco Extra and a covered mall of over 93,000sq ft which includes Iceland, Peacocks, Home Bargains and Boots.