Listed city centre building snapped up in multi-million pound deal
TRINITY Square in Leeds has been sold for £7.45m.
The 20,000 sq ft Trinity Square, which is next to Trinity Leeds, is the site of the former iconic Peel Hotel and is fully let. Oakgate Land, the Yorkshire property development and investment company, has sold the site to the Imperial Tobacco Pension Fund.
Wetherby-based Oakgate bought the listed Boar Lane building from TCGT Holdings of Guernsey for £2.8m in 2011 and has spent more than £1m on a major refurbishment.
The tenants are Sainsburys Local, Jack Wolfskin, Caffe Nero, the Roxy Ball Room and Barburrito.
John Grantham, the managing director at Oakgate, said: “We bought an ailing pub on its last legs called the Square on the Lane, which had replaced the Peel Hotel, and transformed it into a thriving modern retail and leisure development with high-profile tenants. We are very proud of what we have achieved, regenerating part of Boar Lane and Albion Street in the heart of the city.
“Oakgate’s motto is ‘breathing life into the city centre’ and this is just what we have done at Trinity Square. The decision of Sainsbury’s to open a Local store here was a resounding endorsement of the development and created a great deal of interest in the remaining units, which are now fully occupied.
“The success of Trinity Square has gone hand-in-hand with the success of Trinity Leeds, the major new retail development by Land Securities. Together they have created a high quality retail quarter in the centre of Leeds.”
John Grantham said that the sale of Trinity Square and other assets meant that Oakgate was on the acquisition trail again.
“We specialise in the development and refurbishment of retail and leisure opportunities in inner-city locations and have completed numerous projects in the north of England over the last decade. We are now actively looking to buy properties to develop and regenerate,” he said.
The agents for Trinity Square were Leeds-based commercial and retail property specialist Dresler Smith, together with Savills.
Kevin Grady, the chairman of Leeds Civic Trust, said: “Boar Lane is one of the finest examples of classic Victorian architecture in Leeds and I am absolutely delighted that Oakgate have restored an important part of the street to its original splendour.
“It was very sad to see 58-63 Boar Lane slip into decline during the past 15 years. Now Oakgate have brought back integrity and coherence to one of Leeds’s most famous streets. This sensitive renovation re-emphasises how important Boar Lane is to the city.”
58-63 Boar Lane was completed in 1875 to the designs of the noted Leeds architect Thomas Ambler, who designed most of the Victorian buildings on Boar Lane, following the Boar Lane Improvement Act, which allowed the street to be widened from 21 feet to 66 feet.
The scheme was the brainchild of Sir John Barran, the pioneer of the Leeds ready-made clothing industry. He was Lord Mayor of Leeds in 1870 and 1871 and also represented the city as a Liberal MP in the House of Commons.
