Property deal boosts city plans

How the development of the Holmeside Triangle could look.

Plans for a major redevelopment of Sunderland city centre have taken an important step forward with the completion of a property deal.

Sunderland Area Regeneration Company (Arc) plans to carry out a £135m development with a department store, restaurants, shops and apartments.

Following a major land deal on Friday, Arc now controls 70% of the area in the city known as the Holmeside Triangle.

The development could create up to 1,200 jobs on Wearside.

The government's national regeneration agency, English Partnerships, bought the property portfolio from Athenaeum Developments on behalf of Arc.

Attract investors

The area includes Park Lane market and shops such as Boots, Inn Fusion, Park Lane News, Sandwich Stop, Homefair Blinds and Lintons.

Michael McConnell, head of property at Arc, said: "This property deal represents a key part of the longer term regeneration proposals to create a step-change in Sunderland's city centre as a whole.

"The portfolio has been bought subject to existing tenancy agreements, which will remain in place until the Arc's development proposals are formulated in more precise detail."

It is hoped the site's proximity to Sunderland's new Park Lane bus and Metro links and its central position will attract potential investors.

Sunderland Council leader Councillor Bob Symonds welcomed the latest deal.

He said: "The Holmeside Triangle has been identified as one of the city's five strategic sites by Arc in partnership with the council and this latest acquisition represents yet another step forward in the on-going regeneration of Sunderland."