St George's Retail Park, Middleton: Leeds shopping centre up for sale for £18 million months after completion
A newly completed retail and leisure park in Leeds is on the market for £18 million.
St George's Retail Park in Middleton was developed on a nearly six-acre brownfield site that formerly housed a Leeds City Council bus depot.
The retail park is listed for sale through Mason Partners and Savills with a guide price of offers over £18 million for the freehold of the site.
Since opening in 2024, tenants include B&M, Aldi, McDonald's, Costa, Greggs, Subway, Harrison Family Vets, Card Factory, The Extra Care Charitable Trust, Sbarro, and Vendor Guarantee.
According to Mark Rothery of Rothstone Estates, developments are often sold once completed and occupied.
He told the Yorkshire Evening Post in a statement: "We are delighted to have delivered this hugely successful neighbourhood retail park for the local Middleton & Belle Isle community and wider south Leeds area, while in the process creating 400 new jobs.
"Demand for the space within the scheme has been high, with all units apart from one let to occupiers prior to completion of the build.
"The £18m investment sale has been very well received by the market with over 50 parties expressing interest. As such we expect to complete a sale to a UK or international pension fund or private family office by early next year.
"They will then hold the investment long term which benefits from 15 year plus long term rental income from the likes of Aldi, B&M, Costa, McDonald’s, Greggs and others."
In a press release, Freddie Guest from Savills stated: “Savills is delighted to bring this prime convenience and food-led retail warehouse investment to the market. The investment offers a highly attractive income profile with a weighted unexpired term of over 15 years and boasts excellent ESG credentials.
“We expect this opportunity to appeal to both the UK and global investor audiences, with the scheme perfectly positioned to take advantage of the strong rental growth prospects being witnessed in the retail warehouse sector at this time.”