Historic York city centre building sold for £1.8m

Lawrence Hannah Ltd, the North Yorkshire-based property consultancy, has advised the Oakgate Group Pension Fund directors on the acquisition, letting and subsequent sale of a historic Grade II* listed building in Stonegate, York for £1.875m.

35 Stonegate, which dates back to the 15th century and was previously owned by internationally-renowned astrologer Jonathan Cainer, has been bought privately by a West Yorkshire businessman.

The building has been let to fashion, jewellery and gifts retailer Oliver Bonas, who will start trading shortly.

Miles Lawrence, managing director of Lawrence Hannah of Blossom Street, York, said: “This is a tremendous deal and reinforces Stonegate’s reputation as arguably Yorkshire’s most prestigious retail street.

“The building is an absolute gem, with a rich and varied history. Having bought the building the Wetherby-based Oakgate Group then carried out a very sensitive interior and exterior refurbishment programme, to create superb retail space in the very heart of York.

“Once 35 Stonegate was let to Oliver Bonas, at a rent of £92,500 a year on a 10-year lease, it then became a very attractive investment opportunity. Laurence Hannah oversaw the acquisition, letting and sale of the building and we are delighted with the result. The sale price represents a 4.66 % yield.

He added: “The city of York now has another quality retailer in the city centre, while Oakgate’s investment has paid off handsomely.”

The building itself features three floors, with an attic. The ground floor incorporates a glazed courtyard and the retailer intends to trade throughout the building incorporating some of the upper level room.

The building’s past history includes Francis Hilyard opening his famous bookshop The Sign Of The Bible there in 1682. 35 Stonegate became known as the House of the Bible, with a distinctive wooden bible still hanging over the front door.

Miles Lawrence added: “This is another deal which demonstrates the strength of the York commercial property investment market. The city remains an extremely attractive proposition for investors and occupiers, with its wealth of history, its superb transport links and its quality of life”.

Tom Limbert of Central Retail worked with Miles Lawrence in the letting of 35 Stonegate.

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