Retail real estate investment trust Metric Property Investments has acquired a Bhs store and its surrounding area in Kirkstall, Leeds, it was announced today.
Metric, which has acquired a number of retail parks over the last year, intends to further develop the 7.2 acre site, with outline planning consent for 85,000 sq ft of retail accommodation already granted.
Bhs and Arcadia, trading as Outfit, have exchanged contracts to take 35,000 sq ft of units upon completion of the redevelopment, making up around 27 per cent of the retail space on site.
Andrew Jones, CEO of Metric, commented: “Kirkstall represents an excellent off market opportunity which again underlines the strength of our occupier relationships and the opportunities we are able to unlock when we work in partnership with retailers.
“Whilst the site already has outline consent, we believe we can deliver a better range of units and a more efficient layout.”
Over the last four months Metric has acquired five retail parks across the UK, including Manchester’s Congleton centre and Bristol’s Haven Head site and one PC World store for a combined total of around £63 million.
Jones outlined plans earlier this month for further expansion with £190 million of its IPO net proceeds available to invest, £12 million of which has now been spent on the Kirkstall deal.
Metric now has an investment portfolio of £169 million across 12 schemes, with occupancy at 98 per cent by rental income.
“We aim to be in a position to commence the redevelopment next year, depending upon pre-letting levels and market conditions,” Jones added.