Metric in £12m retail site deal

METRIC Property Investments is looking to start work redeveloping a Leeds retail site next year after completing a deal to buy it for £12m.

The specialist retail real estate investment trust has bought the Bhs store and the surrounding land in Kirkstall using its own cash resources.

It intends to redevelop the 7.2 acre site for 85,000 sq ft of retail space with Bhs and retail group Arcadia both agreeing to take space in the new development as part of the deal.

Metric chief executive Andrew Jones said: “Kirkstall represents an excellent off market opportunity which again underlines the strength of our occupier relationships and the opportunities we are able to unlock when we work in partnership with retailers.

“Whilst the site already has outline consent, we believe we can deliver a better range of units and a more efficient layout. We aim to be in a position to commence the redevelopment next year, depending upon pre-letting levels and market conditions.”

The Bhs and Arcadia presences will together take up around a quarter of the space in the new scheme. Bhs will continue to trade from its existing premises until work starts on the redevelopment.

The deal for the site gives Metric an overall investment portfolio of £169m across 12 schemes with occupancy at 98%.