Leeds’ Menston scheme sold to investor

Gregory Property Group has announced that it has sold the commercial investment of its latest mixed use development in Menston, Leeds to Kingston Unity Friendly Society.  ‘Menstone’, which comprises a new Sainsbury’s Local, was sold for £1.44 million representing an initial yield of 5.5%.

Leeds based Gregory Property Group secured planning approval last year to transform the site on Bradford Road, next to American Golf, which was formerly a car showroom but has lain redundant for some time.

It is building a 4,000 sq. ft retail store for Sainsbury’s along with three one bedroom and one two bedroom apartments situated above.  It will also introduce a pedestrian crossing on the road with additional highway and access improvements.

Development is underway with completion expected this Autumn.

Andrew Foggitt, Development Director at Gregory Property Group said, “We are delighted to secure an investment sale in advance of works completion.  The locational qualities of the site and secured tenancy with Sainsbury’s for an unbroken lease of 15 years makes it an attractive investment option.

“Certainly the new scheme provides much needed convenience facilities and apartments, suitable for first time buyers, in a very popular residential location.”

Gregory Property Group is a local, award winning developer of mixed-use and commercial property schemes across Yorkshire.