Chester Properties - Retail Development - Huddersfield, Packhorse Centre

Date: 24 Oct 2003

Chester Properties has completed the refurbishment of its 8,640 sq m (93,000 sq ft) Packhorse Centre in Huddersfield and launched the investment on to the market at £21 million, reflecting an initial net yield of 7.38%.

The fully enclosed centre is anchored by the local department store, Peters of Huddersfield, and comprises 41 ground floor retail and office units with tenants includin Barclays Bank, Carphone Warehouse, Argos, Stead & Simpson, Birthdays and Warren James.

The extensive refurbishment involved the complete re-cladding of the front fagade, new canopies over the entrances and new internal and external signage to incorporate the centre's new branding and colour scheme.

Since the Packhorse Centre's refurbishment average Zone A rents have increased to £81 9 per sq m (£76 per sq ft).from £592 per sq m (£55 per sq ft) at the time of purchase.

Tom Tyler of Chester Properties comments: "The opening of the nearby Kingsgate Centre has shifted the prime pitch of the town to the King Street frontage of the Packhorse Centre. We identified the opportunity for refurbishment prior to the purchase of the scheme and the improvements we have made have dramatically increased the centres footfall, helping us to achieve record rents."
Chester Properties bought the Packhorse Centre in July 2002 in a joint venture with Cargill Investments.

Simon Lyons & Co was the letting agent for Chester Properties (Packhorse Walk) Ltd.

The Packhorse Centre, Huddersfield

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