Northdale Advisors has completed the acquisition of Kingsgate Shopping Centre in Huddersfield from WD Ltd for a price in the region of £32m.
The 280,000 sq ft retail and leisure scheme, which has been owned by WD Ltd since it was developed in 2002, attracts more than 4.7 million visitors annually and generates around £4.5m of gross income a year. Anchor tenants include The Light, Sports Direct, TK Maxx and Boots, which is due to open a new store at the centre later this year.
Peter Everest, CEO of WD Ltd, said: “This is the end of our 30-year involvement with Kingsgate. From its original construction and through a changing retail landscape, it has evolved into a diverse retail and leisure centre that will be the heart of Huddersfield for years to come.”
Josh Vernon, partner in Cushman & Wakefield’s retail capital markets team, which represented WD Ltd on the deal, added: “This is a fantastic outcome for our client and we are delighted to see Kingsgate change hands. Since launching to the market, the asset has generated a significant amount of attention from investors due to its clear potential and opportunities to grow revenue. This includes building on the strong leasing activity taking place within the centre and enhancing the F&B offering to create a leisure quarter. The strong depth of interest clearly demonstrates the broadening appeal of the shopping centre investment market.”
John Griffin, joint managing director and head of investment at LM Real Estate, said: “We have been supporting Northdale Advisors since 2022, helping them to acquire a number of value-add assets with strong opportunities for active asset management and income growth. This purchase is a great example of that strategy in practice, with its evolving leisure offering and the potential to further enhance the scheme to support the wider ‘cultural heart’ regeneration being delivered by Kirklees Council.”
