Teesland Group plc - Retail Development - Redcar, Regent Walk

Date: 27 Jul 2001

Teesland Group plc ("Teesland"), the earnings-based property company, has started work on site at its town centre retail development, Regent Walk in the centre of Redcar.

Teesland expect Phase 1 of Regent Walk to be completed for Christmas trading 2002, with the completion date scheduled for 2003. Eighteen out of twenty three units are already pre-let, or under offer, with solicitors instructed.

The £26 million Regent Walk complex is to total of 18,683 sq m (201,000 sq ft). The complex comprises twenty-three retails units and over six hundred and fifty car parking spaces. Prospective tenants include major retail stores such as Dixons, Peacocks, Home Bargains, Claires Accessories, Phones 4U, Poundland and Greggs. Morrisons, the leading supermarket company is to occupy 6,503 sq m (70, 000 sq ft).

Morrisons will be linked to the main high street in Redcar by an open mall of shops, creating a lively and attractive shopping development, which will merge effectively with the current retail offering in Redcar town centre.

Teesland is developing the scheme in partnership with Redcar & Cleveland Borough Council and One NorthEast.

Jason Rockett of Teesland commented: "Since work started on site at Regents Walk, we have seen a marked increase in demand - this has been heightened by last year's confirmation of the Compulsory Purchase Order. We feel that this demand from retailers willing to commit to the scheme at Regent Walk is testimony to the need for the development, which we hope will be up-and-running by October 2002."

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