Trinity Walk shopping centre opens today in Wakefield almost 90% let.
Nearly 30 retailers open their stores today; around 15 are on site fitting out and most of the remaining units are either under offer or the subject of advanced negotiations.
The 500,000 sq ft scheme is let to tenants including Debenhams, Sainsbury’s, Next, H&M, New Look, Topshop, Topman, Dorothy Perkins and River Island.
Sovereign Land, AREA Property Partners and Shepherd Construction bought the development out of administration in December 2009 with the backing of an £82m loan from Lloyds Bank Corporate Markets as well as a £2m loan from Wakefield Council and £7m from the RDA, Yorkshire Forward. The partnership was on site in February 2010.
Trinity Walk is one of only three shopping centre developments to open this year.
Lynda Shillaw, Lloyds Bank Corporate Markets’ managing director of corporate real estate, said: “Strong, under-shopped cities and towns with good catchments which exhibit a strong appetite for retail have the potential to act as a catalyst for economic growth.”
Sovereign Land director Chris Geaves added: “Securing the loan was a major coup for us, achieved at a time when bank lending against real estate was at an all time low – and development finance loans were virtually non-existent. The deal really highlighted the significance and potential of the scheme.”
annabel.dixon@estatesgazette.com
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