Partner Article

New investment and developments at Broad Street Plaza

Leeds-based Gregory Property Group has reported a series of successful business transactions that will secure continued success for Broad Street Plaza in Halifax town centre, phase one of which was recently completed.

The 288,000 sq ft, £40 million scheme, which falls within the Leeds City Region, is one of only a few significant leisure and mixed-use developments to complete in the UK during the economic crisis.

It has now been refinanced by Barclays following expiry of the existing funding facility with Santander. The medium-term financial package with Barclays is for a period of three years with a view to the scheme being fully let before bringing phase one to the market for sale.

A joint venture agreement with Guernsey Investments, owned by local businessman Tony Bramall, will facilitate the delivery of phase two at Broad Street Plaza which embraces plans for a 46,000 sq ft office building. Discussions are in hand with a sole occupier for this office element which could result in building works getting underway by early next year.

Broad Street Plaza is one of the biggest mixed-use and leisure schemes to be completed in the North of England since the onset of the downturn. Occupiers include Vue Cinema, Pure Gym, Nando’s, TGI Friday’s, Frankie & Bennys, Beefeater, The Chinese Buffet, Chimichanga, Wetherspoons, Harvester and Pizza Express.

Barry Gregory, chairman of Gregory Property Group, said: “We are proud to have completed the first phase of this significant regeneration project which we were able to deliver thanks to financial backing from regional development agency, Yorkshire Forward and Santander back in 2010. The scheme was over 90% let in advance of completion, an unprecedented achievement in recent years, and since launching last year all operators have reported excellent trading.

“These new transactions will allow us to complete the second and final phase of development at Broad Street Plaza and secure full occupation before entering the investment market.”

This was posted in Bdaily's Members' News section by Mark Lane .