A major retail site on the outskirts of Ripon has changed hands in a deal worth £8.3 million.
St Michael’s Retail Park, located on Rotary Way near the A61 bypass, has been bought by State Street Investment Management.
The 24,400 sq ft development, home to Marks & Spencer and Next, was completed in 2020 at a cost of around £10 million.
It also includes an electric vehicle charging operator and is currently let for the next 14 years at £20 per square foot.
Mark Rothery, managing director of Rothstone Estates, said:
“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."
The sale was arranged by the Leeds office of property consultancy Knight Frank and independent agents Lamb & Swift, acting on behalf of Commercial Development Projects and Rothstone Estates.
State Street Investment Management was represented by TW Keil.
Mark added:
“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.”
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