St Michael’s Retail Park in Ripon, home to Marks & Spencer and Next, has been sold for £8.3m.
The Leeds office of leading global property consultancy Knight Frank and independent property consultants Lamb and Swift acted for the vendors, Commercial Development Projects and retail and leisure specialist Rothstone Estates. TW Keil represented the buyer State Street Investment Management.
The 24,400 sq ft North Yorkshire retail park is located on Rotary Way, just off the A61 Ripon bypass, also hosts an EV charging operator and is let for the next 14 years at £20 per sqft.
Mark Rothery, managing director of Rothstone, commented: “We are absolutely delighted to get this significant deal over the line. It’s been a long and fascinating journey.
“Ten years ago, I was introduced to a field in Ripon. A few twists and turns later, including the minor detail of securing planning, and we have finally sold the completed investment this month to State Street IM. They are a brilliant buyer who did exactly what they promised.
“We are very proud of this fabulous scheme, which has proved to be a significant boost to the economy of the very special city of Ripon. Both M&S and Next are exceptional retail occupiers and have been a pleasure to deal with. Without them, we would not have had a scheme.
“There are too many people to thank by name on this one, but I must say is a massive thank you to Team Rothstone and my JV partner, James Marshall CDP, for his continued support. The rest of you – you know who you are.”
Richard Brooke, investment partner with Knight Frank in Leeds, commented: “This important deal underlines the attraction of well-located developments with stellar occupiers. The yield on the deal is 5.62 per cent, which is a reflection of the strategic importance and secure future of St Michael’s.
“Although the state of the commercial property sector in the UK remains challenging, there are definitely deals to be done, when the right price, the right location and the right occupiers align.”
