Chester Properties has completed the refurbishment of its 93,000 sq ft (8,640 sq m) Packhorse Centre in Huddersfield and launched the investment on to the market at£21 million, reflecting a net initial yield of 7.4 per cent.
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 including Barclays Bank, Carphone Warehouse, Argos, Stead & Simpson, Birthdays and Warren James.
Chester Properties bought the Packhorse Centre in July last year in a joint venture with Cargill Investments. It then commissioned a comprehensive refurbishment, including the complete re-cladding of the front facade, new canopies above the entrances and new internal and external signage.
Since the Packhorse Centre's refurbishment, average rents have increased from£55 to£76 Zone A. Simon Lyons & Co was the letting agent.
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