High street a place for '˜impulse buyers' as big names move elsewhere

Danny Mills, former Leeds and England footballer-turned commercial property investor, said there would always be a place for the high street but its main purpose now is to appeal to shoppers who make quick decisions.

“Considered purchases, like white goods, are moving out to retail parks. Those are places where people will do a bit of research and shop around on the internet to see if they can find it cheaper somewhere else,” he told The Yorkshire Post.

“The high street, for me, is becoming a place for impulse buyers, including lots of restaurants and coffee shops.”

Mr Mills was speaking ahead of KPMG’s Future Leaders event in Leeds last night where he was guest speaker.

The entrepreneur, who lives in Harrogate, invests in retail property in North Yorkshire and currently owns shops let to Sweaty Betty, Crew Clothing and Kuoni travel agents in the centre of Harrogate as well as investments in York.

He began investing in property after moving to Yorkshire to play for Leeds United. Over the last 17 years he has made about 20 investments of up to £3m through his company Geo Management.

“I started investing in residential property but I moved into commercial because it’s easier to manage, the returns are better and there is a bit more longevity,” he said.

He added: “I always invest where I know because I can see what’s working and make adjustments.”

Mr Mills said he doesn’t make ‘risky’ investments. “I’m a very cautious investor, I don’t take huge risks. I look for a good tenant and a decent lease,” he said.

“I will buy a property in an area where if something did go wrong the property is in a location where someone else will want it. I am selective and fussy.”

He admitted his strategy does not get the highest returns but added that, so far, he hasn’t had an investment go wrong.

Mr Mills described the current commercial property market as ‘difficult’ with low yields and Brexit uncertainty with some tenants.

“But there are always bargains to be had and you have to look at the long term,” he said.

Given the uncertainty, Mr Mills has started to diversify his investments. He is a partner in Enact, an SME fund managed by Leeds-based private equity firm Endless.

In 2014, Enact acquired West Cornwall Pasty Company out of administration, a transaction which went on to generate 5.5 times return on money invested.

“Opportunities present themselves all the time and it’s just a case of being cautious and picking the right one,” he said.

Speaking after the Future Leaders event, Ian Beaumont, head of Enterprise at KPMG in Yorkshire, said: “Danny’s story highlights how entrepreneurs emerge from such different walks of life. Our 100 guests, future leaders from across Yorkshire’s business community, enjoyed an opportunity to question Danny about his career and to network.”