REAL WORLD KNOWLEDGE
In January 2015, the Metis team disposed of the completed Leopold Square development in Sheffield city centre on behalf of Ask Developments for c.£9.3m, reflecting a net initial yield of 7.38%
Leopold Square comprises an attractive collection of Grade II Listed Victorian school buildings. These were comprehensively redeveloped by our client to provide an attractive leisure destination scheme arranged around a Tuscan-style public square.
The scheme occupies an island site extending to approximately 3,806.27 sq. m (40,970 sq. ft.). It has six restaurant/bar units together with an additional purpose-built three-storey glass unit which provides two additional restaurants and self-contained offices above.
The Metis teams worked with Ask Developments from the initial scheme conception stage through to PC and letting of the redeveloped asset.
The result is an extremely attractive, institutionally acceptable end product. It has been fully let by the Metis Leisure team to various high profile tenants including Wagamama; Strada; Zizzi and Aagrah.
The Metis investment team subsequently sold the completed scheme to a UK institution. This sale demonstrates the ability of the multi-disciplined Metis team to provide a holistic approach to the redevelopment, letting and ultimate sale of a complex development project.