£90m deal pays off for Opus North

£90m deal pays off for Opus North

Yorkshire property developers and investors Opus North secured three assets in a deal worth £90m.

The purchase included two major supermarkets and shopping centres in Hunslet and Sheffield, leased to WM Morrisons PLC, and a further shopping centre in Widnes.

Overall Opus North has subsequently completed 20 new lease and lease renewal deals over the past 12 months.

These featured eight at the Penny Hill Centre in Hunslet, including Brighthouse and Well Pharmacy; nine at the Green Oaks Shopping Centre, Widnes, including Roman Originals, Crawshaws Butchers and Halifax Bank; and three at Hillsborough Barracks in Sheffield, including letting a refurbished office suite to Castle Owen Property Consultants.

Robb Smillie of Opus North said: “It has been a tremendous year in the wake of this major deal. On top of the 20 new leases, there are a further eight deals in the hands of lawyers, which are due to complete shortly. These include household retail names at both Widnes and Hunslet.

“The new deals mean that ten per cent has been added to the overall passing rents, while several planning consents and refurbishment works have been completed, including consent granted for a new 10,000 sq ft retail unit at Hunslet and planning granted and works completed to convert a trolley store into a new retail unit at Hillsborough.

Commenting on the £90 million deal, Opus North managing director Andrew Duncan added: “This has proved to be a very exciting opportunity for us and has allowed us to  strengthen our asset management role, alongside our extensive development pipeline.” 

 

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