Member Article

Skipton town centre boosted by sale of £9 million retail development that has created 150 jobs

Skipton town centre retail development site, Albion Place, has been sold to independent fund management business, Mayfair Capital, in a deal worth over £9 million.

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

Brands 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 top 50 national law firm, Gateley. 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, and 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 commented: “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.”

Andrew Mellor commented: “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.”

This was posted in Bdaily's Members' News section by Clare Burnett .