A MAJOR retail development in Kirklees is at the centre of a key property deal.
The UK Commercial Property Trust, advised by Ignis Asset Management and working with property agency DTZ, has exchanged contracts on a major retail warehousing asset management initiative at Birstall.
The trust has secured planning consent and exchanged contracts to develop a new flagship restaurant alongside the existing TGI Fridays restaurant unit at the Junction 27 Retail Park.
Under the deal, which attracted ‘considerable’ interest from several leading catering brands, the trust has agreed a pre-let with Pizza Express on a unit to comprise 4,200 sq ft by way of a new 20-year lease at an initial rental of £168,000 rising to £178,500 in years four and five.
Pizza Express anticipate opening for trade by the end of June.
David Rodger, portfolio manager at Ignis Real Estate, said: “We’re delighted to welcome Pizza Express to trade alongside TGI Fridays as complimentary catering offers to the retailing offer.
“The critical mass and length of dwell time at Birstall requires quality catering and it is extremely positive that we now have 14 different catering offers around the cluster.”
Stuart Lunn, director at DTZ Retail, said: “Tenants love Birstall. Without exception it is always reported by retailers as a top three trading location in the UK, and the cluster as a whole goes from success to success.
“Our problem is getting possession of units to move the scheme forward. We simply cannot get our hands on floor space to accommodate demand even where substantial positive premiums are discussed.”
Junction 27 Retail Park comprises 126,576sq ft with major names including Currys/PC World Megastore, Barker and Stonehouse, Furniture Village, Harveys, Comet, CSL, SCS and TGI Fridays.
The park forms a key element of the Birstall Shopping and Leisure Park, which also boasts Ikea, M&S, DFS, Toys R Us and Showcase Cinema and comprises over 600,000sq ft – representing the biggest retail warehousing provision in Yorkshire.
The cluster is increasingly being marketed to consumers as one entity – Birstall Shopping Park. Other recent deals include Next enlarging its store to 24,000sq ft, and the arrival of Pets at Home, Starbucks and Krispy Kreme. .
