GMPF finds buyer for Leeds Foot Locker
Greater Manchester Pension Fund has sold a Footlocker store at 133-137 Briggate in Leeds for £4.7m – a 8.98% yield.
The 10,800 sq ft shop has been acquired by property investment and development company Augur Group.
Nicky Newman, senior asset manager at Catella APAM, which is acting for GMPF, said the sale underscored its “commitment to enhancing asset value and aligning with GMPF’s broader investment strategy to meet pension liabilities”.
Greater Manchester Pension Fund has sold a Footlocker store at 133-137 Briggate in Leeds for £4.7m – a 8.98% yield.
The 10,800 sq ft shop has been acquired by property investment and development company Augur Group.
Nicky Newman, senior asset manager at Catella APAM, which is acting for GMPF, said the sale underscored its “commitment to enhancing asset value and aligning with GMPF’s broader investment strategy to meet pension liabilities”.
In 2023, Catella APAM, via its development management subsidiary Bankfoot APAM, completed extensive refurbishment of a neighbouring shop, to which Foot Locker was relocated. The relocation followed the sale of the long leasehold interest in the upper floor in November 2023, maximising the asset’s overall sales returns.
The building comprises five floors, including the basement. In April of this year, the long leaseholder of the upper floors, Countrylarge Properties, obtained planning permission to convert the upper levels into a purpose-built student accommodation scheme featuring 40 bedrooms.
Jonathan Heptonstall, head of UK retail investment at JLL, which advised on the sale, said the deal showed the resurgence of positive retail sentiment in the area.
Image from Catella APAM
