Forward Funding Deal Guaranteed for Snowhill
Wed 13 Jul 2016
Snowhill Retail Park has been given a boost of £13.7m in a forward funding deal for the ten-unit scheme totalling more than 48,000 sq ft.
Kier Property, part of listed property, residential, construction and services company Kier Group, has secured the deal with Ropemaker Properties.
Eight pre-lets have already been signed 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.
Tom Gilman, managing director at Kier Property (North), said:
"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."
Savills acted for Kier Property on the deal and also in obtaining planning consent for the retail park. Ropemaker Properties was represented by Montagu Evans.