Westside Shopping Park

Background

Acquired for Ashby Capital in February 2019. The park is the dominant out-of-town retail destination in Guiseley, north of Leeds. The 12-unit retail warehouse scheme and drive-thru was acquired with a WAULT of 4.8 years and is anchored by occupiers including Next, Next Home, Argos, Asda Living, TK Maxx, Halfords, Sports Direct, Currys and McDonald’s.

What We Did

A new letting was secured at a strong rental level, establishing a benchmark rental tone which was used to support the renewal of five leases ahead of the sale.

Asset Management Initiatives

The business plan focused on growing existing income and improving the WAULT. Several leases were regeared, with development restrictions negotiated out, enabling the construction of an additional drive thru lane at McDonald’s to improve car park circulation and secure a lease extension with the operator.

Signage across the park was upgraded, and a reconfiguration of the car park increased capacity by circa 10%, alongside the introduction of ANPR, CCTV and customer Wi Fi.

A new letting to Pure Gym completed in 2024. In 2025, five leases accounting for 38% of the scheme were renewed, increasing both the rent roll and WAULT ahead of sale.

The park remained 100% occupied, with future asset management potential including the construction of a new drive through pod for Costa Coffee.