Sold - buyer snaps up town’s shopping precinct

Estate agent Jones Lang LaSalle completed the sale of the Princess of Wales Precinct to Edinburgh House Estates Limited last Thursday.

The privately owned property company describes itself as an investment and asset management specialist with “a proven track record of outstanding, consistent growth”.

Dewsbury Regeneration Board chairman Coun Paul Kane said: “I think anybody with an ounce of financial commonsense sees the financial viability of the precinct.

“I always thought they would find a buyer – what I’m looking for is that we’ve got the right buyer who wants to put extra investment into the town.”

Chamber of Trade president Trish Makepeace said: “It think it’s great news for the town. Hopefully they will attract some of the bigger names back into he town.”

The precinct was put up for sale in January by Irish investors Ravenhill Estates.

It was sold as part of a package with the Newgate Centre in Bishop Auckland and the Roebuck Centre in Newcastle-Under-Lyme.

All current leases for units in the precinct will be honoured.

Managing director Tony Quayle said: “We are keen to get working on these properties and with our extensive connections in the retail industry will look to improve the tenancy profile and the centres as a whole.”

Edinburgh House already owns seven other retail developments in the UK, including Carlton Lanes Shopping Centre in Castleford.

Its tenants include Co-op, Tesco, Dorothy Perkins, Marks and Spencer, JD Sports, BHS and Edinburgh Woollen Mill.

Coun Kane (Lab, Dews East) said: “The precinct wants tidying up a bit and added impetus to get people into the town centre.

“My door is always open and what I want to speak to them about is whether they can attract some bigger names.”

He said he hoped the company would also play an active role in the town centre and regeneration efforts.

Ravenhill had won planning permission to remove the canopies and replace the shop fronts in Loncauseway. It had also talked about a major rebranding.

Mrs Makepeace said: “The plans from the previous owner were very good and hopefully these people will want to rebrand it themselves. We’ll just have to wait and see.”