Transformed 5 Rise Bingley now fully occupied03/04/2023
The 5 Rise Shopping Centre in Bingley is fully let for the first time in three years after its new owners spent the past 12 months investing in improvements.
LCP part of M Core, one of the largest, privately held commercial property portfolios in the UK, acquired the open-air convenience centre last year.
Since then, the management team has transformed the centre, which has 18 retail units over 62,094 sq ft.
It has invested an undisclosed sum on improving and updating vacant shop frontages, to help attract new tenants. The former Santander building, which was vacant after 2020, has since been let to Specsavers, while the adjacent Yorkshire Building Society, which was also empty from 2020, was let to Papa Johns. Another shop that had been boarded up for two years was let to a phone repair shop.
In addition, the vacant first and second floors have been sold and those spaces will be developed into eight flats, which are due to come to market in the summer.
Other new tenants over the past few months include Advanced Mobility Solutions, which moved into unit 2, increasing its space from 700 sq ft in its previous high street location to 3929 sq ft, while the most recent signings are Secret Gardens, a bar that has opened at unit 11a Chapple Lane; a nail bar, which is to move to unit 3; and Eternity Charity Shop, which is opening a shop in unit 4.
These new occupiers mean the centre is now fully let.
George Kearney, asset manager, said: “When we acquired 5 Rise last year, we said we would invest and improve for the benefit of the community, and we are as good as our word. The centre looks refreshed and more inviting and this has led to a number of new lettings.
“As a shopping centre in the heart of the community, it was important for us to ensure it provided the shops that people want on their doorstep and we also welcome the development of much-needed homes on the upper floors. We know that the improvements have been welcomed locally and we will continue to work with traders so that it remains a place where people want to visit.”
The 5 Rise Shopping Centre is anchored by a 17,000 sq ft Co-op supermarket with other retailers including Home Bargains, Costa, Greggs, Timpsons, Subway and Card Factory.
Other occupiers include Boots, BetFred and a Harvester pub, while Bingley Library is located beneath the Home Bargains unit.