A TOWN centre retail park has been taken over by a Newcastle-based property company.

The Broadgates Retail Park in Hexham, which includes a B&M and Marks & Spencer store, has been acquired by Adderstone Group in a multi-million pound deal.

Broadgates at Maiden’s Walk in Hexham sits on the old auction mart site, taking up 1.87 hectares of the town centre.

The site was developed in the early 1990s by its former owners, the Co-operative Group, to provide a food store and car park, before a long leasehold interest was granted to Marks & Spencer in 2008.

In 2016, a major building project was undertaken on the site to create a unit for B&M next to Marks & Spencer.

Now Adderstone Group’s acquisition of the site adds to several other investments it has made in commercial property over the last 12 months.

Adderstone group founder CEO, Ian Baggett said: “Hexham is one of the most beautiful market towns in the country.

“My team and I have worked hard on what was an intricate deal and are excited to have acquired another key strategic asset.”

Bob Fletcher from @Retail Property Consultants, acting on behalf of the vendor, described the site as a “vibrant retail hub”.