Pillar Properties has secured funding from SEPUT for its 9,875 sq m (106,297 sq ft) retail development in Briggate, Leeds. On completion of the scheme, the purchase price will be £20.75m – reflecting a 5.35% initial yield.
The Burton Group has taken a prelet on the scheme on a 35-year lease with Debenhams planning to trade from a 8,900 sq m (95,780 sq ft) store and Principles from a 975 sq m (10,500 sq ft) unit.
Briggate has recently seen significant improvement with Harvey Nichols taking the unit next to the proposed Debenhams for its first outlet outside London. The neighbouring Rackmans and Marks & Spencer outlets have recently been refurbished and the Council plans to start work soon on pedestrianising the street.
SEPUT fund manager William Hill said: “We believe the retail centre of Leeds, and Briggate in particular, offers attractive growth prospects relative to other centres. Therefore we are very pleased to be working with Pillar on creating this attractive investment which will form a significant holding in the Trust’s portfolio.”
DTZ Debenham Thorpe and Nicholas Robinson & Partners advised Pillar, while Brassington Rowan and Schroder Properties Ltd acted for SEPUT.
EGi News 13/08/97
