Kier Property receives £13.7m funding for Wakefield retail park

Kier Property has secured £13.7m in forward funding for Snowhill Retail Park, in Wakefield.

The firm, part of the property, residential, construction and services company Kier Group, secured the funding with Ropemaker Properties Ltd.

Reflecting a net initial yield of 6.25%, the 48,613 sq ft development will comprise 10 units.

The development is currently on-site, and is due to open next summer.

Eight pre-lets have been secured to retailers including Aldi, Iceland, Poundworld, McDonald’s and Costa Coffee.

One store of 1,800 sq ft and one of 1,200 sq ft are still available to let, with the completed scheme set to generate a combined annual rent of £875k.

Tom Gilman, managing director at Kier Property (North), commented: “This scheme demonstrates growth in the Wakefield area and as the first phase of development in Snowhill it will contribute to the wider regeneration of the district.

“It highlights Kier Property’s ability to maximise a site’s value, while understanding the community needs in terms of its existing retail offering.”

The new Aldi-anchored retail development at Snowhill will bring 250 new jobs to Wakefield.

International real estate advisor Savills acted for Kier Property on the deal and also in obtaining planning consent for the retail park.

Ropemaker Properties Ltd was represented by Montagu Evans.

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