Waterhouse Commercial Surveyors Complete Tourist Deal
Friday, 20th September 2013
Waterhouse Commercial Surveyors, the York-based surveyors, has announced the completion of a deal in Kings Square in York for £2.2m.
Waterhouse Commercial Surveyors has sold the property to a private family investor, on behalf of the vendor Oakgate Group Plc.. The 8,650 square feet building, comprising 4 levels of retail space is let to Continuum Group Ltd, which has created a modern tourist hub in the centre of York, home to the major visitor attraction York’s Sweet Story and St Pauls Bookshop.
The buyer was not only keen to acquire a property investment in a good location within an affluent city, but also one which will deliver a consistent income. With these tenancies remaining unchanged, the new investor can be confident that this city centre investments will provide a secure home for capital.
Kings Square, in the heart of a conservation area, is also subject to a proposal by York City Council to invigorate this area to further enhance the retail investment. Location was key for the investor and with £500,000 of repaving work scheduled; the area is in a prime position for high tourist footfall.
David Waterhouse of Waterhouse Commercial Surveyors, who completed the deal comments:
‘Having supported Oakgate Group Plc on a number of investment transactions totalling approximately £12m, we were confident of securing a sale, particularly as we are aware of a number of requirements for city centre property investments. In an economic climate which is still in recovery mode, demand for retail / tourist properties in York remain strong, with over 7 million visitors* to the city each year.
Waterhouse Commercial Surveyors deal with many aspects of Commercial Property in North Yorkshire, working with both regional and national clients since 1994. The team of five, led by David Waterhouse BSc MRICS, specialise predominantly in investment, retail agency, asset management and professional services. Waterhouse Commercial Surveyor’s most recently completed a deal with Sainsbury’s Supermarkets Ltd - their third successful deal with this leading food retailer at Queens House, Micklegate, York.
Visit www.wcsyork.ac.uk for more information.
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