Gordons advises Opus North on sale of Armley Retail Park
Friday 6th May 2016
Gordons has advised Ilkley-based property developer Opus North on the sale of Armley Retail Park in a combined transaction worth £8m.
Discount retail giant Lidl has purchased the leasehold on a new 20,000 sq ft superstore at the park, whilst the rest of the site has been sold to the Palmer Capital Income Fund, with tenants B&M Home Store and Farmfoods all taking 15-year leases.
A Gordons team led by commercial property solicitor Kate Johnson acted on behalf of Opus North on the acquisition, letting and forward funding deal for the site with Palmer Capital Income Fund. Gordons also handled the site assembly with two landowners and the exchanging of Agreements for Lease with new occupiers.
Andrew Duncan, managing director of Opus North, said: “Kate and her team at Gordons were fundamental in enabling us to secure the sale of this prominent site. They worked with speed and precision to take us through the sale process, which will now see this site transformed into a retail destination with three high profile brands occupying the space.”
The redevelopment of the derelict Denso Marston factory site on Armley Road, Leeds was granted planning permission last year. Construction of the retail park will create more than 100 jobs and works are expected to be complete by March 2017.
Kate Johnson said: “The sale of Armley Retail Park was a complex deal involving several different parties and tight timescales. It was concluded within four weeks following our instruction, which is quite unique for funding deals of this nature.”