Recently-completed Leeds retail park hits the market
A recently-completed retail park in Leeds has been placed on the market with an asking price of £18m.
St Georges Retail Park was developed by a partnership between Marshall CDP and Rothstone Estates. Its sits on a nearly six-acre site on the Middleton Ringroad, and is home to tenants including B&M, Aldi, McDonalds, Costa, Greggs, Subway, Harrison Family Vets, Card Factory, The Extra Care Charitable Trust, Sbarro, and Vendor Guarantee.
The asset was constructed on the site of the former Leeds City Council bus depot, with planning permission to redevelop the area granted in 2019.
Mason Partners and Savills are now marketing the completed retail park, with a guide price of £18m for the freehold of the site, representing a net initial yield of 6.35%.
Mark Rothery, managing director of Rothstone, said: “We are proud to have delivered St Georges Retail Park and it’s 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.”
Freddie Guest, director at Savills, added: “Savills is delighted to bring this prime convenience and food-led retail warehouse investment to the market. The investment offers a highly attractive income profile with a weighted unexpired term of over 15 years and boasts 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.”