Leeds retail park snapped up in £8m deal
PROPERTY developer Opus North has agreed the sale of its four-acre retail park for £8m.
The Ilkley-based firm received planning permission to regenerate the former DENSO Marston site in April 2015. The development was initially estimated at £8.5m.
Palmer Capital Income Fund – which is backed by property-focused venture capital firm Palmer Capital – bought 32,000 sq ft of space in the scheme.
Palmer Capital funds Opus North, in addition to running its Income Fund and other investment vehicles.
B&M Homestore and Farmfoods have taken 15-year leases for 22,000 sq ft and 10,000 sq ft respectively. Lidl has acquired the leasehold for its 20,000 sq ft superstore.
In addition to regenerating the derelict site, the development will create 100 jobs. Construction has now started, with an expected opening of March 2017. Shipley-based Stainforth Construction have been appointed as lead contractors.
Andrew Duncan, managing director of Opus North, said the sale was an “excellent deal for all concerned”. He said: “Our sizable investment in Armley is bringing more choice to shoppers and providing a major boost to the local economy.”
Rupert Sheldon, fund manager of the Palmer Capital Income Fund, said: “We are delighted to have secured this prominent new investment opportunity providing a long-dated and secure income. Our relationship with Opus North enabled us to secure this opportunity and plays nicely to the Fund’s USP of working with our local partners to gain an edge over the wider market.”
In January, Opus North revealed it is on course for a record-breaking 2015, with a current development pipeline of more than £80m.
It is currently undertaking developments across the North of England and Wales, including office, retail and industrial projects in Leeds, Darlington and Stockton-on-Tees.
