The Memorandum creates a framework for co-operation to advance new proposals for the redevelopment of The Forum as part of the Council’s wider ambitions for the revitalisation of Wallsend town centre.

Alan Lockhart, Executive Property Director of NewRiver said, “We are very pleased that we have quickly established a co-ordinated approach with the Council. The Memorandum means that we can work jointly on a programme to make the regeneration of Wallsend a reality. There is a shared desire between the public and private sectors to drive forward the delivery of a better town centre.”

Linda Arkley, Elected Mayor of North Tyneside said, “The Memorandum sets out a positive basis for progress and we are committed to the early implementation of improvements to the town centre which will benefit residents and traders. There is a lot of work to be done, but our joint working aims to drive forward the regeneration that everybody wants.”

A special meeting of the Wallsend Area Forum has been organised for Tuesday 22nd March at The Forum Shopping Centre at 6.30pm where NewRiver will make a presentation about their initial ideas for the redevelopment of The Forum along with planned refurbishment works.

Linda Arkley said, “The Area Forum is a good opportunity for local people and businesses to hear about the emerging proposals and to start the necessary process of feedback from the local community.”

Nick, a qualified chartered surveyor, has nearly 20 years experience working in the retail agency and development sector. He joins NewRiver from Parkridge, where he has been a Director for the last 10 years, responsible for acquiring and delivering large in town retail and leisure schemes throughout the UK, including the Brighton Marina and Shires Gateway.

Nick started his career at MVG Retail, assisting on major developments including Canary Wharf and Windsor Royal Station before joining St Quintin and subsequently Oliver Liggins to advise property companies and institutions on retail investment, agency and development.

Stuart is a qualified chartered surveyor, having graduated from Reading University with a degree in Land Management in 2005. He started his career at Fuller Peiser and following its acquisition by BNP Paribas Real Estate he qualified in the retail agency department before spending a further three years in the national investment department as a senior surveyor focusing on retail investment. Advising in sales and acquisitions of high street and retail warehouse investment property Stuart has advised clients such as Aberdeen, BNP Paribas REIM, Hermes, Ignis, Prudential, Standard Life and Valad.

Allan Lockhart, Director of NewRiver Capital, said:

“Over the past nine months NewRiver has completed five transactions for a total consideration of circa £84m and at a blended net initial yield of 8.5%. Four of the five transactions were acquired on NewRiver’s balance sheet and a £49m portfolio was acquired in March 2010 for a joint venture with Morgan Stanley. In accordance with our expanding portfolio we continue to grow and I am delighted to welcome Nick and Stuart to the team.

Nick has extensive knowledge of asset management and development processes as well as strong connections with the major UK retailers. Stuart brings over 5 years of retail commercial property experience and will be responsible for acquisitions and implementation of asset management strategies.

The company has built an excellent portfolio in a short space of time and the company has a strong pipeline of activity – we are looking forward to Nick and Stuart being a part of it.”