Hotel plans for prominent newly acquired building
York property development company, North Star, has bought a major building in York City Centre from the Dominvs Group to redevelop the site into a new hotel.
The 35,000 sq ft Swinson House building on Piccadilly was granted planning permission in 2018 to be redeveloped into a hotel and an operator will be announced shortly. The total GDV of the project is more than £25m.
Swinson House was formerly an office for HMRC but was vacated because it was outdated and no longer fit for purpose.
The latest deal follows other high-profile acquisitions and projects in recent years by North Star including numerous buildings in York, a large office building in Plymouth and a residential development site in Sheffield city centre.
The building sits within City of York Council’s Castle Gateway masterplan which will see the whole area rejuvenated with new public realm and high-quality development.
A spokesman for North Star said: “This is a great opportunity to regenerate this strategic site in York City Centre with a high-quality hotel development.
“We are in advanced discussions with a leading hotel operator which we will announce shortly.
“This purchase further underlines our commitment to investing in and improving York city centre, where we are proud to have our headquarters.”
The funding for the purchase was arranged by Ice Cubed Property Finance. The building was acquired for an undisclosed sum.