Teesland Group plc - Retail - Redcar, Regent Walk

Date: 15 Jan 1999

Teesland Group plc, ("Teesland") the broadly based UK property development company, has announced that it has now complated key agreements for its £25 million Regent Walk retail development in Redcar on Teesside.

Mark Rudolph, Director of Teesland said the signing of the development agreement with English Partnerships and Redcar and Cleveland Borough Council - together with the finalising of the agreement with leading supermarket company Morrisons who are taking the 70,000 anchor foodstore in the development - marked an important step forward in what he described as 'one of the most exciting town centre projects in the North of England'.

A substantial number of other units in the development are currently under offer to leading High Street names and it is expected that further details will be announced in the near future.

As well as the foodstore, the development also includes 23 retail units of varying sizes and totals 125,000 sq ft, together with parking for over 700 cars. The target date for the opening of the development is 2001.

Mark Rudolph said: "The completion of both the development agreement and the deal with Morrisons is a major step forward, as is the Council's move to begin the acquisition process

"At a time when there is strong pressure from Government for new retail investment to be concentrated in town centres, we believe that our development in Redcar shows exactly what can be achieved by designing new facilities to work with existing retail centres. The central element of our scheme is a mall of new units, which will link directly into the existing High Street.

"The response so far has been very encouraging and we expect that it will increase considerably now that the development agreement is in place and we have Morrisons for the 'anchor' store."

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