Major York city centre retail and leisure space acquired by council

Swinegate Court East and West in York, which houses 30 units including retailers Mulberry and Banks Saddler, has been acquired by York City Council.

Royal London Asset Management has sold the freehold for the city centre 45,500 sq ft site, which also includes office space. Other tenants include Slug and Lettuce and Sahara.

The council’s executive agreed to purchase Swinegate Court as part of its continuing work to ensure the ongoing vibrancy of the city centre and increase the income from the council’s commercial property portfolio.

The council’s ruling executive agreed the purchase in July and has a £15m budget to fund the acquisition.

Councillor David Carr said: “We are committed to ensuring the continuing success of York’s historic city centre and this investment shows our belief in its future economic potential. Swinegate Court is a significant addition to our commercial portfolio and represents a good commercial investment. We are delighted to have completed this deal which is financially advantageous for us as a council.”

David Waterhouse of Stapleton Waterhouse, York, said: “It makes complete sense for City of York Council to acquire this substantial central investment property. With an under supply of quality city centre offices and the demand for speciality/leisure strong, I see a great future for Swinegate Court under the stewardship of City of York Council.”

Royal London were represented by Green and Partners. City of York Council was jointly represented by Stapleton Waterhouse (York) and Cushman and Wakefield (Manchester).