Shopping centre is sold to new investor UPDATED

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A Leeds shopping centre is to be sold to an investment trust in a £16.23m deal.

The Arndale Centre in Headingley has been purchased by Schroder Real Estate Investment Trust after going on sale in October.

The 125,834 sq ft shopping centre has 23 tenants, including Sainsbury’s, Wilkinsons and Pizza Express.

Morrisons is the latest tenant to move into the scheme after recently signing an agreement to let three empty units for one of its M local stores.

Schroder plans to invest in the Arndale Centre and said it sees the development it as a key site to benefit from the proposed trolleybus scheme.

Leeds-based chartered surveyors Peter Lund and Partners acted for Schroder in the deal. Mr Lund said: “The Arndale Centre has been bought at the right time. Headingley is going to improve dramatically in the next few years, particularly with the proposed trolleybus scheme.”

Built in 1964 it was one of several of the first American-style malls to be built in the UK by Arndales. The company also built centres in Armley and Crossgates.

The centre was refurbished in the mid-1990s and in 2009 it underwent a £2.5m refurbishment, which included re-cladding the centre’s façade and a new canopy, as well as reconfiguring and expanding the centre’s stores and improving paving, car parking and lighting.

Arndale Centres were introduced by Arnold Hagenbach and Sam Chippendale who set up the Arndale Property Trust shortly after the Second World War.

The trust also bought Bradford’s Victoria Swan Arcade in 1954 with the intention of demolishing and developing a new shopping centre. It took eight years before leases expired and building work could commence.

John Foley of PTSG

PTSG’s results are set to be in line with board’s expectations