The retail park, which is already fully let, is being developed by Yorkshire-based property and investment company Opus North.
The company is transforming the derelict four-acre site in Armley into a brand-new retail destination, with occupiers including B&M Homestore and Farmfoods.
The company has sold part of the site to Lidl for their store, while the Palmer Capital Income Fund has bought the remainder of the site, with tenants B&M Homestore and Farmfoods on 15-year leases. Together the sales raised £8m.
Last year planners gave the green light to develop the site, which was previously occupied by DENSO Marston, the thermal cooling systems manufacturer. The main contractors, Shipley-based Stainforth Construction have started work, with the retail park scheduled to open in early summer 2017.
The park is already fully let, with B&M Homestore occupying 22,000 sq. ft. and Farmfoods 10,000 sq. ft. within the scheme. The development will regenerate the site and is set to create more than 100 jobs.
Andrew Duncan, managing director of Opus North said: “This was an excellent deal for all concerned. We are very proud of transforming a derelict eyesore in a prominent area of west Leeds into a first-class retail park, with household names as occupiers.
“The decision of high-profile retailers like Lidl, B&M and Farmfoods to move to our new retail park was a resounding endorsement of the development and the park’s popularity is reflected in the combined price we have achieved from the sales to Lidl and Palmer Capital. Our sizable investment in Armley is bringing more choice to shoppers and providing a major boost to the local economy.”
Rupert Sheldon, fund manager of the Palmer Capital Income Fund said: “We are delighted to have secured this prominent new investment opportunity providing a long-dated and secure income. Our relationship with Opus North enabled us to secure this opportunity and plays nicely to the Fund’s USP of working with our local partners to gain an edge over the wider market.”
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