The price is right! Leeds retail park snapped up for £8m

A computer generated image of how the retail park will look.

A computer generated image of how the retail park will look.

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It was once a thriving factory on one of the busiest road routes in Leeds.

But since manufacturing firm Denso Marston switched to new premises in Shipley in the 1990s, the Armley Road-based building has fallen into a state of disrepair.

Now, however, work is under way on the transformation of the “eyesore” four-acre site into a retail park.

And today it was announced that the developer behind the scheme, Opus North, has sold the site in deals worth a combined £8m.

Discount retail giant Lidl has purchased the leasehold on the new 20,000 sq ft superstore it will operate at the retail park.

The rest of the site has been bought by the Palmer Capital Income Fund, with tenants B&M Home Store and Farmfoods coming in on 15-year leases.

Ilkley-based Opus North’s managing director, Andrew Duncan, said: “The decision of high-profile retailers like Lidl, B&M and Farmfoods to move to our new retail park was a resounding endorsement of the development and the park’s popularity is reflected in the combined price we have achieved from the sales to Lidl and Palmer Capital.

“Our sizeable investment in Armley is bringing more choice to shoppers and providing a major boost to the local economy.”

Yorkshire-based Stainforth Construction is the main contractor working on the scheme, which will create more than 100 jobs and is due for completion next March.

The prospect of a fresh lease of life for the Armley Road site has previously been welcomed by Leeds West MP Rachel Reeves.

Speaking after the project got the green light from Leeds City Council last year, she said: “The plans to redevelop this land and bring new retail outlets to Armley are potentially very good news for our area.”