Property developer Lateral Property Group has unveiled plans for a 600,000 sq ft out-of-town shopping centre in Wakefield, Yorkshire.
The £400m project, Axiom, sits on a 106-acre site and will be the first out-of-town retail destination of this size to be developed in the UK for more than 20 years.
The shopping centre will include 75 units, of which nine will be designated for food and beverage. Lateral Property Group has already agreed deals with Primark, M&S and Boots to open flagship shops at the centre, comprising 226,000 sq ft of space in total.
There will be no leisure anchors at Axiom, a decision prompted by the shopping centre’s close proximity to neighbouring entertainment destination XScape, which is host to indoor ski slope Snowzone, a 14-screen IMAX cinema and a Gravity trampoline park, among other activities.
The centre will include a car park, and the remainder of the land will be landscaped into a country park as well as a new 10,000-capacity community stadium for Yorkshire rugby league club the Castleford Tigers.
Planning granted
The project received planning last October.
Lateral is working in a joint venture with investor Highgrove Group on Axiom. The duo have so far funded the project from their own equity sources, including the acquisition of the site.
Further equity will be provided for the project through the Leeds City Region Revolving Investment Fund and they will seek funding from institutional backers.
Lateral Property Group is a privately owned retail and leisure development company and has completed and sold 60 developments in the UK over the past decade.
Philip Lunn, co-founder of Lateral Property Group, said: “Our starting point was the old property adage ‘Location, location, location’; a 106-acre site, adjacent to XScape and J32 Outlet, with direct access from junction 32 of the M62 in the heart of Yorkshire.
“Our end goal is to deliver a truly innovative retail, leisure and sporting destination, combining flagship regional stores with the latest digital retail technologies, catering offers and leisure attractions.”
Lateral is aiming to begin the first phase of infrastructure works by the second quarter of this year. Completion is expected in 2021.
CBRE, Smith Young and McMullen Wilson are joint letting agents on Axiom.
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