TK Maxx lease in the Ridings is up for auction with a guide price of £200k

Auctioneers Acuitus says the single floor department store of 22,505 sq ft is being offered with guide price of £200,000.

The Ridings is currently for sale but the long leasehold is under different ownership.

TK Maxx’s lease expired at the end of last year but it is continuing to trade from the property while discussions with the landlord continue according to the auctioneer.

David Margolis, Investment Director and Auctioneer at Acuitus, comments: “TK Maxx has traded from the store since 2011 and the long leasehold interest in the property has a further 86 years to run.

“The store is close to the Merchant Gate regeneration project and will undoubtedly offer future asset management opportunities.”

The Acuitus auction will take place on May 18th at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.

In February Wakefield Council agreed to conduct a feasibility study into the prospect of buying a stake in The Ridings Shopping Centre, which would the aid the sprucing up of Kirkgate as part of a city centre masterplan.

A final decision on whether or not to go ahead with that idea is likely to be made in June.

Speaking at the time, portfolio holder for regeneration Darren Byford said: "It is an ambitious vision which will take the city forward over the next 15 to 20 years.

"It provides an amazing overview of what we will achieve, in terms of economic growth, the introduction of green spaces, new landscaping and new homes."

The council wants to refurbish the existing social housing in the Kirkgate area as well as adding 100 new homes.

A green space would be built around here to complement the residential area.

Should the council decide to buy a stake in The Ridings, part of the shopping centre would be demolished, and the prospect of more leisure facilities, such as a bowling alley, explored.