'Rents to be slashed' as a family-owned company purchases The Ridings Shopping Centre in Wakefield - new plans revealed

ZF Properties previously transformed The Packhorse when Mr Iqbal bought and refurbished the Huddersfield shopping centre in 2021 after buying Batley Shopping Centre in 2019.

It has been reported that the family-run property empire is on a mission to create ‘boutique shopping centres’ in Yorkshire with interesting food courts and independent shops as well as old Yorkshire favourites.

Before going into property, Mr Iqbal had 25 years’ experience in retail. He’s a retailer at heart and he’s prepared to put that expertise into turning around the centre’s fortunes. His father had a store in the centre many years ago and Mr Iqbal fondly remembers these times and how busy the centre used to be.

A ‘back to basics’ approach to business will drive the regeneration, Mr Iqbal said: “A successful retailer needs three things: a good product; good footfall; and low overheads. If you get those three things, you will succeed as a retailer.”

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Mr Iqbal’s first actions will be to slash rents and the centre’s service charge.

“Fledgling businesses need a lot of help with start-up costs,” he said.

Mr Iqbal said: “We have already spoken to lots of new potential businesses for the centre, with a significant number already signed on the dotted line, watch this space.”

Footfall is also another major criteria for success and one of the main attractions to get families back into the centre will be a children’s play area. Mr Iqbal, a grandfather himself, knows the pulling power for families.

Mr Iqbal is also committed to keeping the centre at the heart of Wakefield and will continue with the many community-based partnerships and initiatives already proving popular in the centre.

History of The Ridings

The centre itself has become a Wakefield institution since it was built in 1983, before being bought by investment company NewRiver Retail in 2015.

As a result the shopping centre opened a new food court and The Reel Cinema as well as offering reduced rents for independents and food traders. The centre has also launched rooftop allotments, provided open space for community groups to show their skills as well as playing host to film crews, craft stalls and food fayres.

Rebecca Simpson who works at The Ridings said: “The centre means a lot to a lot of people, including us. It’s so accessible and easy to get to and really hope this is the start of building a new future for The Ridings. “

While the whole of the retail sector has been struggling with many shops closing down, The Ridings however have been using their empty shops in partnership with The Arthouse Wakefield to provide low cost community spaces for a range of not-for-profit groups under the campaign Makey Wakey.

This includes a range of community organisations including Well Women’s Centre, Eco Baby CIC preloved babywear shop, Crafting for Good, CoActive arts charity, Young Lives consortium, Empath Theatre and Bring Me to Life.

Previously, Wakefield Business Improvement District (BID), which represents around 800 businesses in Wakefield, urged senior councillors to take a ‘financial interest’ in the centre in order to press ahead with city centre regeneration projects.

David Woodhead, director of Woodhead Investments, which owns around 100 commercial properties in Wakefield city centre, had also described the purchase of the centre as be a ‘no-brainer’ for the local authority.

He previously told the Yorkshire Post: ”We have often said that the council could be called a special purchaser.

“The Ridings are of more value to them than anybody else.

“They could relocate council services from various buildings throughout Wakefield city centre into the vacant parts of the Ridings, ultimately saving them the cost of renting alternative premises.

“Looking at it from their point of view there could be an active management way where they save other monies which could go towards this.”

But in December senior councillors said it was “not the time or the place” to buy the struggling centre due to chronic financial pressures.

Wakefield Council’s cabinet members agreed to help find a third-party buyer and work in partnership to redevelop The Ridings.