20/12/2007

Gordons advises Gregory Projects on £13m retail park deal

Forward funding for a £13m expansion of a retail park development in Harrogate has been completed by the commercial property team at Leeds and Bradford law firm Gordons on behalf of Yorkshire property developer Gregory Projects.

Oak Beck Park on Skipton Road will be extended by 2.2 acres to incorporate a derelict quarry site located next door which was strategically purchased two years ago by Leeds-based Gregory Projects.

The expansion project will see the construction of 50,000 sq ft of retail space. The principal occupier will be by Focus DIY which will move from its current premises on the existing retail park. Its former unit will be rebuilt and become occupied by a Pets at Home store.

Morley Development Company – the property development division of Aviva Insurance Group – owns the existing retail park and will fund the development of the derelict quarry to create the new facilities. Construction work will be carried out by Thistle Construction and will include extensive landscaping and the provision of a new road to link the site to adjoining park land.

In addition to completing the forward funding for the development, Gordons also dealt with negotiations with all other advisors and secured the building contract with Thistle Construction.

Barry Gregory, chairman of The Gregory Group which owns Gregory Projects, said: “This was a complex project and one that needed to be handled with precision. Throughout the negotiations Gordons ensured that the deal kept up its momentum and worked tirelessly to ensure a favourable outcome for all parties.”

The Oak Beck Park development is due for completion in early 2009. Only one retail unit of 10-15,000 sq. ft. remains available.

John Foster, commercial property partner at Gordons, commented: “This was a challenging project to work on with a number of complexities, but by working closely with our client we were able to act quickly and decisively to ensure a positive outcome for Gregory Projects.”

Gordons has an established relationship with The Gregory Group having also advised it on the development of Magnet’s former headquarters in Bingley for a 47,000 sq ft retail park.