The Capital Markets team at CBRE in Leeds has sold 5 Stonegate in York City Centre, which is let to Joules Limited, to a private investor for £2.2M reflecting a Net Initial Yield of 5.39%. CBRE sold the property on behalf of CBRE Global Investors.
Country and equestrian inspired retailer, Joules, has been occupying the attractive unit, which has an extensive ground floor sales area of some 2,000 sq ft, since July 2011 when it agreed an 11 year lease. The store was a welcome addition to York’s thriving retail core, which is concentrated around the historic centre and includes retailers such as; The White Company, Cath Kidston, Jigsaw, Jo Malone and Whistles to name a few.
Robin Bullas, Associate Director of Capital Markets at CBRE Leeds, said;
“With a catchment population of some 5.9 million and impressive retail spend levels, it is easy to see why York is the fourth most sought-after retail centre in the UK by retailers’ requirements. Prime freehold retail investment opportunities, such as the Joules unit, attract good investor interest due to the strong covenants and the 5 Stonegate property occupies one of the best retail spots in the centre with superb footfall.
“Transactions of this nature demonstrate the investor appetite for retail accommodation within the Yorkshire region and all contribute to the long-term recovery of the property sector.”
The retail space at 5 Stonegate is arranged over the ground, first and second floors and also includes a residential flat.
