Jack Lunn buys retail scheme

CONSTRUCTION and property group Jack Lunn has added a new shopping development to its portfolio in a sign of confidence in the retail market.

The firm has bought the Lowgates Yard scheme, in Northallerton, built by Caddick Developments.

It is the latest in a series of acquisitions by Jack Lunn Group over the last two years including a Kendal department store and three Skipton Building Society properties.

Property director Carl Wright said: “The company is committed to further expanding our diversified portfolio of high quality property assets and the acquisition of these prime retail investments ideally complements our other holdings and illustrates our confidence in prime property let to high strength covenants within strongly performing and popular locations.”

Jack Lunn Group has invested more than £7.5m in acquisitions in the retail market in the last two years.

The Lowgates Yard scheme covers 8,300 sq ft and was pre-let to Majestic Wine Warehouse and Pets at Home who started trading in April.

It was advised in the deal by Smith & Company and BHT.