Privately-owned Co Durham based property development company, Premcor Estates (Premcor), has announced completion of the North Durham Retail Park at Pity Me, Durham, attracting some major names.
Situated adjacent to Durham’s largest out of town retail destination, the Arnison Centre, the new 45,000 sq ft modern retailing park has become home to leading retailers such as Home Bargains, Aldi, Iceland’s ‘The food WAREHOUSE’ concept and a Starbucks drive-thru.
The five-acre site, off Old Pit Lane, Pity Me and formerly known as Elddis Business Park, was acquired by Premcor director, Simon Hawkins, from Elddis Transport when it became surplus to requirements – at the time it was being used as an ancillary depot with five multi-let buildings, all of which were demolished to make way for the development.
Premcor submitted plans to Durham County Council in 2019 for the redevelopment of the site supported by planning and development consultancy, Lichfields, and masterplanners, The Harris Partnership. Once given the green light, construction commenced in July 2021 with GMI Construction.
Based at the Aycliffe Business Park, Premcor works across all UK-based commercial and residential real estate markets. Its two directors, Simon Hawkins and Rob Lane, possess more than 40 years of combined experience gained in leading development and investment firms. Hawkins, who lives in Co Durham specialises in industrial and occupier-led retail and leisure developments and was instrumental in closing the initial deal with Elddis.
Commenting on the completed scheme, he said: “This was the first site we acquired operating as Premcor Estates, so it was a special one for us and we are delighted with the result and the calibre of retailers we have secured as tenants.
“We have a strong track record of successfully matching market demand with investor requirements, which is exactly what we have achieved at North Durham Retail Park where we have been able to not only provide greater consumer choice and create new jobs for local people, but with the sale proceeds, Elddis was also able to reinvest in the growth and success of its firm in the region, which is good news for its hundreds of employees.
“As we enter 2023 and have come full circle with this particular project, we are looking at other opportunities in commercial, industrial, retail, leisure and hotels on sites throughout the UK.”
Following completion Premcor sold the investment to an overseas fund.