25/27 parliament street york, YO1 8RS - Green & Partners

25/27 parliament street york, YO1 8RS
Investment Summary
• York is the commercial and administrative centre for North
Yorkshire and a popular tourist destination.
• A strong pedestrianised retailing pitch adjoining
Shuropody and Vodafone with Marks & Spencer,
Browns Department Store, Boots Opticians, Pret a Manger,
The Disney Store and Nationwide opposite or close-by.
• Well secured to Cheltenham & Gloucester Plc
(5A1 D&B Rating).
• Freehold
• Circa 6.6 years unexpired
• £2,516,000 (subject to contract & exclusive of VAT)
• Attractive 6% net initial yield
Location
The historic cathedral city of York is the administrative centre for
North Yorkshire and lies approximately 337 km (210 miles) north of
London and approximately 45 km (28 miles) north east of Leeds.
York benefits from excellent transport links and is reached via the
A64 and A59 by road, which provides direct access to the A1 (M)
approximately 24 km (15 miles) to the west. The A1 (M) provides
access to the M1 and M62 motorways. The city is also a major
terminus on the main east-coast railway line. Rail services to
London (Kings Cross) are approximately 2 hours 15 minutes.
The city boasts some of the UK’s top tourist attractions including
York Minister, The Jorvik Museum, The National Railway Museum
and Betty’s Tearooms.
Demographics & local economy
York has a primary catchment of circa 476,000 and an estimated
shopping population of 297,000. This is boosted further by
tourism. The latest available research shows that there were 7.1
million trips to York in 2010, with tourism worth an estimated
£442.6 million to the local economy. The York area is affluent and
has a significantly higher than average number of working adults
in the most affluent AB social grouping and is under-represented
in the least affluent DE grouping. The city has a high proportion
of young adults due to the city’s large student population which is
close to 21,000. Major employers in the area include Aviva, Nestle
and British Telecom.
Retailing in York
York is a major regional shopping destination, offering
approximately 1.5m sq ft of retail accommodation. The city is
ranked by Venuescore (2011) as being the 23rd strongest retail
destination within the UK.
The prime retail provision is centred on the pedestrianised section
of Coney Street and Spurriergate where there is a high
concentration of national multiples. These streets are supported
by other strong retailing pitches such as Davygate, Parliament
Street and the Coppergate Centre as well as more specialist
locations such as Stonegate, Blake Street and Swinegate.