Retail scheme sold in £9m deal

A RETAIL development which is breathing new life into a North Yorkshire town has been sold in a deal worth more than £9m.

Albion Place in Skipton has been snapped up by independent fund management business Mayfair Capital.

Developed by property business Maple Grove Developments, part of Preston-based Eric Wright Group, Albion Place is the area’s largest town centre development in more than 20 years.

Household names including Next, Pizza Express, Cotswold Outdoor, Cotton Traders and Dawsons Department Store have all secured space in the 46,000sq ft development which is now trading and has created more than 150 permanent jobs.

Advisors on the sale included law firm Gateley and property firm GVA.

Since negotiations started in 2010, Gateley has advised Maple Grove on a number of development areas, from the original development agreement with Craven District Council to the investment sale to Mayfair Capital.

A cross-discipline team led by real estate partner Andrew Mellor, assisted by real estate associate Owen Humphries, real estate solicitor James Richards, banking partner Carol Betts, and tax partner James Gopsill, advised on the sale.

Graham Pilkington, senior development manager at Maple Grove Developments, said: “We have worked with Gateley since the inception of this project to make sure that the complex development process was kept as simple as possible.

“This joint approach was extremely successful, demonstrated by the fact that over 95% of the available retail accommodation was let prior to practical completion and the sale of the finished development to Mayfair Capital ran smoothly. The Albion Place retail development adds to the portfolio of developments undertaken by Maple Grove in sensitive historic town centres and all the retailers have reported excellent levels of trade since opening.”

Mr Mellor added: “This sale is a significant achievement for Maple Grove Developments and Gateley. Our advice has enabled the business to sell a significant retail scheme which has been acquired, pre-let, financed and developed in a very difficult market.

“There have been complex negotiations with the local authority, occupiers and adjoining landowners which we’ve been able to successfully assist with. It has given Skipton town centre a new lease of life, attracting visitors to the area, lowering unemployment levels and helping local businesses to grow. I am delighted to have seen the scheme reach fruition.”

The deal is another sign of growing confidence in the investment market outside London and the South East according to GVA, which also advised on the transaction.

Ben Hall, investment director at GVA in Leeds, said: “We have offered strategic advice to Maple Grove Developments throughout its ownership of Albion Place, which is a high-quality retail development located in a popular market town.

“Albion Place has given an economic boost to Skipton and the surrounding area. We had strong interest in the property, which again shows a return of investor sentiment to the region. The Yorkshire investment team at GVA continues to be extremely busy and this reflects the growing confidence within the market.”