£13m forward-funding secured for retail park
PROPERTY group Kier has secured £13.7m forward funding for its Snowhill Retail Park in Wakefield with Ropemaker Properties.
The site, which has promised 250 jobs for the region, will comprise of 10 units. Developers are currently on site.
The site will reflect a net initial yield of 6.25%, and the 48,613 sq ft development will comprise 10 units.
Eight pre-lets have been secured to retailers including Aldi, Iceland, Poundworld, McDonald’s and Costa Coffee.
Tom Gilman, managing director at Kier Property (North), said: “This scheme demonstrates growth in the Wakefield area and as the first phase of development in Snowhill it will contribute to the wider regeneration of the district.
“It highlights Kier Property’s ability to maximise a site’s value, while understanding the community needs in terms of its existing retail offering.”
International real estate advisor Savills acted for Kier Property on the deal and also in obtaining planning consent for the retail park. Ropemaker Properties Ltd was represented by Montagu Evans.
