Developer’s acquisition seeks to champion town centre revival

Nottingham property company ALB Group has purchased a key retail site in Huddersfield.

The firm has acquired the 80,000 sq feet building in New Street which currently houses businesses such as Primark, Home Bargains, One Below and Ladbrokes.

It follows a number of similar acquisitions by ALB Group of underperforming town centre retail assets across the UK.

ALB says it is seeking to breathe new life into town and city centres by offering more affordable and flexible lease contracts, particularly to encourage independent, local entrepreneurs to trade alongside the larger high street chains.

The team behind the project is also keen to provide student accommodation above some of the units.

Arran Bailey, managing director of ALB Group, said: “The New Street building in Huddersfield is a major acquisition for us, and we already have some exciting new tenants lined up for the property.

“Like many towns and cities across the UK, Huddersfield faces difficult challenges with the rising cost of living and high street retailers often struggling to survive.

“But these places represent the life blood of the community, and we are determined to provide an environment that not only supports the existing businesses but also encourages new, independent traders to set up shop.”

The New Street property is the third major town centre purchase by ALB Group from global asset management company Columbia Threadneedle Investments.

It follows the recent acquisitions of Moxon Island shopping centre in Hanley, Stoke-on-Trent, the purchase of Sailmakers Shopping Centre in Ipswich, and seven key buildings in Derby city centre’s Albion Street.

The company has refurbished and leased empty retail units there in addition to seeking ways to repurpose and maximise occupancy of any non-retail space in upper floors, such as creating apartments, student accommodation or offices.

Phil Daniels, director at FHP Property Consultants, Nottingham, represented ALB in the deal with Columbia Threadneedle Investments.

He said: “We’re very keen to do more deals on the same sort of lines, to bring underperforming assets back to life, regenerating the nation’s high streets and bringing a wider variety of independent local entrepreneurs into our retail centres.”

Bailey’s business partner, Harry Whyte of HBW Group, added: “We have worked in partnership with ALB on a lot of these projects and have been successful in providing 59 units in Birkenhead town centre above TK Maxx, Barclays and British Heart Foundation.”