Property letting, sales and investment case studies - BNP Paribas Real Estate UK
Keyland Gregory (Retail) LtdAsset Optimisation for Keyland Gregory We acted for the developer in acquiring the site for a retail warehouse development, lettings and investment sale.
- Location Foss Islands Retail Park, York
- Key figures 159,000 sq ft retail park.
- Contact Richard Dunhill, +44 (0)113 237 6661
- Developer acquired a prime site for retail warehouse development in York
- The scheme has an attractive end line up with strong institutionally acceptable covenants.
- Keyland Gregory commenced construction just as the bulky goods retail market hit problems. Many potential tenants were going into administration, those worst hit were the furniture, flooring and electrical sectors, originally the target market for the development; this led to difficulties in getting units pre-let.
What we did
- We were approached by Keyland Gregory to develop a former council tip into prime retail warehouse units, as Homebase were looking to relocate.
- We acquired the site for Keyland Gregory and worked up a retail park proposal. The site lent itself perfectly to a retail scheme, being on an existing ring road between two retail warehouses, and close to the edge of York centre. By developing the site into retail, we achieved the highest value for the site.
- We were able to get the scheme pre-funded with Axa, and following our advice a planning application was submitted and granted for the enclosed scheme.
- Morrisons was the anchor and we sold the land to them for an 80,000 sq ft foodstore. We then relocated Homebase into a new 35,000 sq.ft DIY store with the remaining units let to Frankie & Benny’s, Homesense, Pets at Home, Kutchenhaus and Dreams.