Metric buys Leeds development site
Published: 21 February, 2011
Metric Property Investments has bought a standalone Bhs store in Kirkstall, Leeds for £12m
Metric plans to redevelop the 7.2-acre site, which already has outline Open A1 planning consent for 85,000 sq ft of retail accommodation. Bhs will continue to occupy the existing store until commencement of the redevelopment.
Both Bhs and Arcadia (trading as Outfit) have exchanged contracts to take new units upon completion of the redevelopment. They will occupy a total of 35,000 sq ft, or 27 per cent of the completed scheme.
Following the transaction, Metric has an investment portfolio of £169m across 12 schemes with rents averaging £12.10 per sq ft and an unexpired lease term of 10.7 years. Occupancy is 98 per cent by rental income.
Andrew Jones, chief executive of Metric, said: “Kirkstall represents an excellent off market opportunity which again underlines the strength of our occupier relationships and the opportunities we are able to unlock when we work in partnership with retailers. Whilst the site already has outline consent, we believe we can deliver a better range of units and a more efficient layout. We aim to be in a position to commence the redevelopment next year, depending upon pre-letting levels and market conditions.”
Wilkinson Williams advised Metric.