Leeds retail park up for grabs at £18m
Recently completed, St Georges Retail Park was delivered by Commercial Development Projects and Rothstone Estates, and has a tenant roster including Aldi, B&M, Costa and McDonald’s.
The 65,000 sq ft development is fully let. Located on Middleton Ring Road, the project has seen a near six-acre site, formerly home to a council bus depot, redeveloped.
Mason Partners and Savills are now marketing the completed development with a guide price of offers over £18m for the freehold of the site, showing a return of 6.35%.
The businesses at the retail destination also include Greggs, Subway, Harrison Family Vets, Card Factory, The Extra Care Charitable Trust, Sbarro and Vendor Guarantee.
Rothstone Estates managing director Mark Rothery said: “We are proud to have delivered St Georges Retail Park and its testament to the great location and quality of the development that we have attracted these fantastic businesses here. It has regenerated a former derelict brownfield site and will provide a major economic boost to the local area.”
Occupying 21,000 sq ft, Aldi is the anchor at the site, which had formerly been owned by Tesco. Triton Construction delivered the project for the development JV.
Freddie Guest, director, UK investment at Savills, added: “The investment offers a highly attractive income profile with a weighted unexpired term of over 15 years and boasting excellent ESG credentials.
“We expect this opportunity to appeal to both the UK and global investor audiences, with the scheme perfectly positioned to take advantage of the strong rental growth prospects being witnessed in the retail warehouse sector at this time.”
