A new 2.5-acre development at the gateway to Leeds city centre has been sold to an investor following full planning approval to deliver a mixed use scheme.
Gregory Property Group has secured forward funding through an investment sale of the former Reg Vardy Renault dealership site on Regent Street in Mabgate to Riverside Capital Group of London.
The agreed investment price of circa £7.5 million has ensured the delivery of facilities which include a 16,500 sq ft store for Aldi, an 18,500 sq ft fitness facility for Pure Gym and a further 7,500 sq ft retail store for Poundworld.
Harris Construction has already started work on site with a view to handover to the operators, for fit out, by the end of the year.
Barry Gregory of Gregory Property Group said, “We are very pleased to secure forward funding which guarantees delivery of this new development. It brings a satisfactory conclusion to what has been a long and arduous process in securing planning for facilities that are much needed and supported by the local community, bringing new jobs in the process.”
‘Mabgate Junction’ is located on the approach to the new Victoria Gate, at the north eastern edge of Leeds city centre. The scheme will radically improve the convenience shopping and leisure provision in an area which has experienced a high population growth with 72,000 residents now living within a five-minute drive time.
Leeds based corporate law firm Shulmans represented Gregory Property Group in all aspects of the transaction and the development.
