Leeds retail space changes hands for £4.7m

1st November 2024 | Jack Oliver

Real estate asset and investment management firm Catella APAM has completed the sale of a retail unit in Leeds on behalf of Greater Manchester Pension Fund (GMPF) for £4.7m.

The 10,800 sq ft asset – which comprises the basement, ground floor, and part of the first floor of 133-137 Briggate – has been acquired by property investment and development firm Augur Group. It was previously let to footwear retailer Foot Locker.

In 2023, through its development management subsidiary Bankfoot APAM, Catella APAM completed significant refurbishments to an adjacent unit into which Foot Locker was relocated. This followed the sale of the long leasehold interest in the unit’s upper floor in November of last year, with Catella APAM stating these moves collectively optimised the asset’s sales receipts.

Nicky Newman, senior asset manager at Catella APAM, said: “We are pleased to have successfully completed the sale of Briggate on behalf of GMPF. This transaction underscores our ongoing commitment to enhancing asset value and aligning with GMPF’s broader investment strategy to meet pension liabilities.

“Our proactive management and strategic asset management enhancements have maximised returns, reflecting our dedication to delivering superior outcomes for our clients throughout all stages of the real estate cycle.”

Jonathon Heptonstall, head of UK retail investment at JLL, who acted as the sole agent on the sale, added: “It has been a privilege to advise Catella APAM and GMPF on the successful sale of this prime asset in Leeds. This achievement underscores the impact of proactive asset management and the resurgence of positive retail sentiment in the area. Briggate continues to thrive, with major retailers like Zara, Footlocker, and Frasers all establishing their flagship stores. We are proud to have supported the entire team through this significant transaction.”

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