AN Aldi is set to begin development immediately in Barrow as new company invests in Hollywood Park.

NewRiver, a real estate investment company, has acquired Hollywood Park for £15.3 million.

The company has committed to investing in Hollywood Park with Aldi joining the other "quality national retailers and leisure operators" already in the town.

Allan Lockhart, Chief Executive of NewRiver, said: "Hollywood Retail and Leisure Park is a high quality asset and presents some immediate asset management and development opportunities. This includes the introduction of a new Aldi.

"Barrow has a large catchment, an ambitious Local Plan and favourable economic prospects, especially following the government’s recent re-commitment to the BAE Systems’ shipyard in the town.

"Since the start of this financial year we have invested over £140 million across our core sectors of community shopping centres, retail parks and community pubs."

There are several stores already in Hollywood Park including a TK Maxx, Currys PC World, Dunelm, Nuffield Health and a six-screen Vue cinema.

There are also 665 free car parking spaces for shoppers to use.

The new Aldi will be developed on the former sites of Dreams and B&M Bargains.

Founded in 2009, NewRiver is one of the UK's largest owner/managers of convenience-led community shopping centres with a property portfolio of £1.4bn made up of 34 UK shopping centres together with further nationwide retail and leisure assets.