Cromwell Property Group, the global real estate investment manager, has signed a 40-year lease with Q-Park, the leading European parking operator, on a 282-space multi-storey car park at St John’s Shopping Centre in Leeds.
The new long-term lease replaces a short-term lease and enables Q-Park to progress with an eight-month refurbishment that will bring the car park into line with the operator’s house style, including fully coated deck finish and additional decoration. Q-Park already operates five parking facilities in Leeds city centre, which has undergone a significant transformation in recent years.
Cromwell acquired the 162,000 sqft shopping centre in June 2015. It comprises 34 retail units occupied by several well-known brands including McDonalds, Post Office, Poundland, Phones 4U and Virgin Media, and 34,000 sqft of office space occupied by the bookmakers William Hill plc and Sanef, the European toll road company.
Stephen Cahoon, Head of UK Asset Management at Cromwell Property Group, commented: “We are delighted to have worked with our valued tenant Q-Park to extend their lease at the St John’s Centre, Leeds. The car park is well used in Leeds and with improvement works now on site, the Q-Park offer at St John’s will only improve further.”
Adam Bidder, Managing Director at Q-Park, said: “Leeds is a strategically important city for Q-Park because of the mobility demands of the city. This is why we are so pleased to be able to commit ourselves to Q-Park St John’s. We’re especially excited about the redevelopment as we continue our quality ethos in our parking facilities.”