Leeds retail park is bought in £25m deal

Leeds retail park Kirkstall Bridge has been bought by an unnamed institutional investor for £25.2m.

Property group LondonMetric had acquired the site in 2011 and spent £12m to develop it into the 120,000 sq ft Kirkstall Bridge Shopping Park, which opened four years later.

LondonMetric has been selling off its retail parks and increasing its investments into last-mile logistics.

The 18-unit park is now fully let after The Range opened a 21,000 sq ft store in May, replacing the former M&S and Outfit sites. The home and graden retailer joined Home Bargains, Smyths Toys, Iceland, Pets at Home and JD Sports at the retail park on the edge of Leeds city centre.

Andrew Jones, chief executive of LondonMetric, said: “This is a strong trading retail park and its sale is in line with our strategy to divest our last few remaining multi-let retail parks.

“We have seen an uptick in investor interest for well let and located retail parks which is reflected in the sale price achieved.

“Our strongest conviction calls remain urban logistics and convenience-led long income and the sale proceeds will be allocated into these sub-sectors.”

Completion of the sale will take place at the end of September 2021.