DEVELOPMENT and investment company Oakgate Land is on the acquisition trail after selling an historic building in Leeds city centre in a £7.45m deal.
The Wetherby-based company sold Trinity Square, on Boar Lane to the Imperial Tobacco Pension Fund.
Oakgate bought the building, the site of the former Peel Hotel, from TCGT Holdings of Guernsey for £2.8m in 2011 and spent more than £1m on a major refurbishment.
It transformed the 20,000 sq ft building into a retail centre, now home to Sainsbury’s Local, Jack Wolfskin, Caffe Nero, the Roxy Ball Room and Barburrito.
John Grantham, managing director of Oakgate, said: “We bought an ailing pub on its last legs called the Square on the Lane, which had replaced the Peel Hotel, and transformed it into a thriving modern retail and leisure development with high-profile tenants.
“We are very proud of what we have achieved, regenerating part of Boar Lane and Albion Street in the heart of the city.”
He added: “The decision of Sainsbury’s to open a Local store here was a resounding endorsement of the development and created a great deal of interest in the remaining units, which are now fully occupied.”
Trinity Square sits between two entrances into Trinity Leeds.
Mr Graham said: “The success of Trinity Square has gone hand-in-hand with the success of Trinity Leeds, the major new retail development by Land Securities.
“Together they have created a high-quality retail quarter in the centre of Leeds.”
Mr Grantham said the sale of Trinity Square and other assets meant that Oakgate was on the acquisition trail again.
“We specialise in the development and refurbishment of retail and leisure opportunities in inner-city locations and have completed numerous projects in the north of England over the last decade.
“We are now actively looking to buy properties to develop and regenerate,” he said.
No. 58-63 Boar Lane was completed in 1875 to the designs of Leeds architect Thomas Ambler, who designed most of the Victorian buildings on Boar Lane.
The agents for Trinity Square are Dresler Smith and Savills.