Waterhouse completes £2.2m tourist deal

WATERHOUSE Commercial Surveyors has completed 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.

The 8,650 sq ft building, comprising four levels of retail space is let to Continuum Group, which has created a modern tourist hub in the centre of the city, home to the major visitor attractions York’s Sweet Story and St Pauls Bookshop.

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.

David Waterhouse of Waterhouse Commercial Surveyors, who completed the deal, said: “Having supported Oakgate Group on a number of investment transactions totalling around £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/torurist properties in York remain strong, with more than 7m visitors to the city each year.”

Waterhouse also announced the completion of a further deal in York with Sainsbury’s Supermarkets. It’s the third successful deal with the food retailer and the transaction will secure the continuing retail use on the ground floor of Queens House, which is home to the York office of law firm Langleys Solicitors.

This latest property deal in York for Waterhouse Commercial Surveyors, whose client is the owner of Queens House, included the amalgamation of three shops into one retail unit (4,770 sq ft) and relocation of two existing tenants.

Waterhouse has already concluded two other deals with Sainsbury’s in key locations close to the city centre on Bootham and Blossom Street in York.

Mr Waterhouse said: “Our client was looking for a good length of lease and an appropriate tenant. We enjoy a good working relationship with Sainsbury’s and we were aware that they had been looking for some time to acquire a major retail unit in Micklegate. We secured a deal and managed the transaction through to completion within 18 months.”