Opus North confident after £90m retail deal

The boss of an Ilkley based property investment and development firm is confident that the Brexit vote will not hinder its progress as confidence returns to the regional commercial property market.

Andrew Duncan, managing director of Opus North, said a £90 million sale and leaseback deal involving two Morrisons supermarkets12 months ago had kick-started a “stellar” year for the business and teed up a series of deals.

Opus North bought two supermarkets and shopping centres in Leeds and Sheffield, leased to Bradford-based Morrisons, along with another shopping centre in Widnes.

Andrew Duncan said: “This has proved to be a very exciting opportunity for us and has allowed us to strengthen our asset management role, alongside our extensive development pipeline.

We are maximising the potential of the portfolio and believe that the return of confidence to the commercial property market in Yorkshire and the North West, despite the challenges posed by Brexit, will present us with a number of excellent opportunities, which we look forward to taking.”

Apart from the two supermarkets, the portfolio consisted of a total of 86 units, including shops and offices. Overall, Opus North has subsequently completed 20 new lease and lease renewal deals.

Meanwhile, Opus North has started work at a new £8 million retail development in Armley, Leeds, which is fully let.

It is transforming the four acre derelict former DENSO Marston factory site into a retail park with occupiers Lidl, B&M Homestore and Farmfoods.

The main contractor is Shipley-based Stainforth Construction.

Andrew Duncan, said: “This was an excellent deal for all concerned. We are very proud of transforming a derelict eyesore in a prominent area of west Leeds into a first-class retail park, with household names as occupiers.

“The decision of high-profile retailers like Lidl, B&M and Farmfoods to move to our new retail park was a resounding endorsement of the development.”

Author: Chris Holland, Telegraph & Argus

Link: http://www.thetelegraphandargus.co.uk/news/14684393.Property_firm_confident_after_success_of___90m_retail_deal/