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In partnership with the MOD and Lingfield Securities, Kier Property developed a new town centre at Catterick Garrison known as Princes Gate Retail Park – a fully let £30m new retail and leisure development.


This scheme was also highly commended in the 2015, BCSC Awards – New Centre category. Ian Hare, Savills, Agent for the scheme commented: “The Princes Gate scheme stands out as a true retail success story as the economy recovered from recession. Kier’s belief in the strength of Catterick as a retail location was proven with a commitment to speculatively build the scheme when just 30% was pre-let.”


The retail and leisure markets have continued to be strong performers for Kier Property particularly in Wakefield where the team has developed ‘Snowhill Retail Park’. The park is currently 95% let and is under construction. When it opens in May 2017 occupiers will include; Aldi, The Food Warehouse (Iceland), McDonalds, PoundLand, Costa, Greggs, Subway and


New Bridge Street


and retail scheme consisting of 120,000 sq.ft (including mezzanines) aimed at the homewares and fashion occupiers with a total scheme value of £32m. Adjacent to the Kier site Next are currently constructing a new 66,000 sq.ft Next Home & Garden store. The success in this market has also stretched into Durham where Kier Property, in association with Dragon Lane LLP has signed a joint venture to develop a new multi million pound retail warehousing scheme directly opposite the Tesco store at Dragon Lane Industrial Estate. This investment will transform and regenerate the site, bringing it back into use to provide jobs for the local area.


3 Sovereign Square, Leeds


Barnardos. Only two units remain, Unit 4 (1,200 sq.ft) and Unit 7b (1,800 sq.ft). Retail agent, Savills, have strong interest in this remaining space and are confident the park will be fully let when it reaches PC in May next year.


In Hull the team is working on Kingswood Retail Park, another new leisure


The scheme offers potential new occupiers an opportunity to fulfil a need for the local community and provide greater choice in a location close to where people currently live, work and shop; strengthening local retail choice and ultimately benefiting residents. In the industrial sector the northern team has developed relationships with Maple Grove and Yorvale to deliver two key schemes in Normanton and Winsford. Both projects are located on prominent industrial parks; ‘Tri-Link140’ is a speculative 142,000sq.ft B2/B8 industrial and distribution scheme off J31 of the M62. Winsford offers 150,000 sq.ft


industrial space.


Kier has continued to review how they deliver product to be “right sized” for the businesses of the future. Such measures as enhanced communication facilities, improved flexibility in energy consumption, metering and usage, sustainable environmental solutions and establishing future trends in occupiers’ requirements; remains a critical element of our design focus across all sectors. Kier’s strong balance sheet


demonstrates the major contribution the property division has made to the wider Kier Group results (ie. profits up 42% to £22.7m, revenue up 24% to £126m). It also highlights that Kier remain keen to secure well-positioned redevelopment and structured finance opportunities, in addition to joint ventures with other leading developers where there is capacity to add development value and regeneration expertise in the retail, industrial, office and leisure markets.


Contact: Sharon.Mitchell@kier.co.uk www.kier.co.uk


Tri-Link140 COMMERCIAL PROPERTY MONTHLY 2016 61


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