Catella APAM has sold a 10,800 sq ft retail unit in Leeds to Augur Group on behalf of Greater Manchester Pension Fund (GMPF) for £4.7m.
The unit at 133-137 Briggate, which comprises a basement, ground and part of the first floor, was previously single let to footwear retailer Foot Locker.
Catella APAM, through its development management subsidiary Bankfoot APAM, completed refurbishment works to an adjacent unit in 2023 into which Foot Locker was relocated.
The move followed the sale of the long leasehold interest in the upper floor in November 2023, collectively optimising the asset’s total sales receipts.
Nicky Newman, senior asset manager at Catella APAM, said: “We are pleased to have successfully completed the sale of Briggate on behalf of GMPF. This transaction underscores our ongoing commitment to enhancing asset value and aligning with GMPF’s broader investment strategy to meet pension liabilities. Our proactive management and strategic asset management enhancements have maximised returns, reflecting our dedication to delivering superior outcomes for our clients throughout all stages of the real estate cycle.”
Jonathan Heptonstall, head of UK retail investment at JLL, who acted as the agent on the sale, added: “It has been a privilege to advise Catella APAM and GMPF on the successful sale of this prime asset in Leeds. This achievement underscores the impact of proactive asset management and the resurgence of positive retail sentiment in the area. Briggate continues to thrive, with major retailers like Zara, Foot Locker, and Frasers all establishing their flagship stores. We are proud to have supported the entire team through this significant transaction.”
