A formerly derelict site in Armley in Leeds has been transformed into a new retail park with a 20,000 sq ft Lidl superstore and a B&M Homestore already trading.
Ilkley-based property development and investment company, Opus North, has developed the four-acre site and agreed a series of lettings before selling the long leasehold of part of the development to Lidl and the remainder to Palmer Capital Income Trust for a total of £8m.
Lidl has launched a 20,000 sq ft superstore while other tenants at the fully-let park, including B&M Homestore and Farmfoods, have agreed 15-year leases and are operating from 22,000 sq ft and 10,000 sq ft units respectively.
GVA advised Palmer Capital on its investment in the development and will manage the park on their behalf going forward.
James Yates, at GVA, said: “The development of this retail park in Armley is an extremely positive example of regeneration for the local area and will sit well in Palmer Capital’s portfolio.
“Previously occupied by thermal cooling systems manufacturer DENSO Marston, the development has created more than 100 jobs and had a beneficial impact on the local community and economy.”
Andrew Duncan, managing director of Ilkley-based Opus North, added: “This has been a transformational project for Armley and the surrounding area.
“The securing of household names such as Lidl, B&M and Farmfoods has been pleasing and reflects the confidence these retailers have in this development.”
Opus North is funded by Palmer Capital, the venture capital and fund manager specialising in property.
Author: Joshua Hammond