Six retailers commit to phase one of Darlington retail park
Almscliffe-Dhesi will begin construction on the £4m, two-acre Faverdale site in February with completion planned for September.
Costa Coffee, Greggs, Indigo Sun, Harrison Vets, and Fastned have all signed up as tenants and McDonald’s has bought its own plot and will be constructing its own unit.
The funding for the development was provided by Hampshire Trust Bank (HTB).
Neil Creeney, director at Yorkshire-based AD, explained: “This is phase one of a wider development on the Faverdale site.
“There is a further four acres that have retail consent, which will be developed in due course.
Neil Leitch, managing director, development finance at HTB, said: “In this case, the developer’s strong track record and the high-quality tenant line-up stood out, making it clear this was a project worth backing.
“The increase to our maximum loan-to-GDV reflects our commitment to adapting our criteria to open up opportunities for developers, whether in residential or commercial spaces.”
Neil Creeney and Bal Singh formed ADG in 2019.
Creeney previously worked for Yorkshire developers Opus North and S Harrison Developments, while Bal owned a string of
successful pharmacies in the North East.
Bal commented: “We have recently completed three successful developments in the North East and North Lincolnshire which have given us the confidence that our business model is the correct one, attracting popular national retailers to regenerated brownfield sites and creating new and sustainable jobs.
“We are now on site at a prestigious development in Sunderland and can’t wait to get started in Darlington.
I still can’t believe we are allowing retail parks to be built in 2025. It’s insane. These developments are absolutely terrible for towns and cities and are financially insolvent.
By M I Grant
Fantastic this is what is needed can’t wait for this to open in Favourdale as I live there and having a shopping centre right on the doorstep
By Mary sherwen