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News Archive - November 2009

Sovereign Consortium Rescues Wakefield Scheme

Sovereign Consortium Rescues Wakefield Scheme

THE STALLED Trinity Walk Shopping Centre in Wakefield is back on track after a consortium stepped in to complete the 550,000 sq ft development, which went into administration early this year.

The consortium, a joint venture company comprising Sovereign Land, AREA Property Partners and Shepherd Construction, has exchanged contracts with the administrator KPMG to acquire the site and develop the property to completion. Shepherd Construction also retains its role as the appointed contractor.

The development which is set to return on site by January 2010 will be completed by Easter 2011. When the project went into administration it had reached the halfway stage. The Highways Programme, the Market Hall, the car park and the steel frames for the two largest tenants, Sainsburys and Debenhams, had been virtually completed. 52% of the floor space has been pre-let.

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