Commercial Property News

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Thursday, October 26, 2023

Ciref makes retail acquisition in Wakefield

Ciref Ltd has announced that Trinity Walk Wakefield Ltd, in which Ciref holds a 50% interest, has exchanged contracts to acquire the benefit of the conditional development agreement with Wakefield City Council to complete a 515,000 sq ft new retail scheme on a 28 acre site in Wakefield town centre.

Detailed planning consent has been granted for this retail centre with an estimated completion value of 215m. Construction is due to commence on site in April 2007, subject to confirmation of the Compulsory Purchase Order, with completion anticipated by Spring 2010.

Contracts have already been exchanged for a major preletting to: Debenhams for a department store of approximately 95,000 sq ft; Sainsbury's for a food store of approximately 92,000 sq ft; and with Next for a 20,500 sq ft retail store.

The scheme will revitalise the city centre providing over 50 retail units on 3 levels, 72 residential units, a new indoor market hall and a 960 space car park.

Mark Sennett a director of Corovest International Ltd, the Property Adviser to CIREF, said: "We are delighted that CIREF has signed this major contract jointly with Modus Properties and Simons Developments and we are looking forward to working with Wakefield City Council and the local community on this prestigious scheme so soon after listing on AIM. I believe that Trinity Walk will completely rejuvenate Wakefield and establish the town centre as an important strategic shopping destination."


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