A shopping arcade in Ripon has been sold, in a deal that agents said represents a positive step "in a time of panic in the retail sector."
Carter Towler has negotiated the purchase of The Arcade on behalf of Frank Marshall Estates. The Bradford-based property investment company acquired the 16,484 sq ft, multi-let arcade off a guide price of £2.2m from Westcourt Group, who were represented by Harvey Burns and Co and Smith and Co.
The three-storey city centre development which faces the Market Square, has 15 units currently occupied by North Yorkshire County Council and retailers such as Scriven Opticians, Home Bargains, British Heart Foundation and Card Factory.
Carter Towler, who acted as joint agents for the purchase alongside Wimbush Real Estate, has also been appointed as managing agents for the properties by Frank Marshall Estates.
Commenting on the deal Edward Marshall of Frank Marshall Estates, said: “In a time of panic in the retail sector, this purchase represents a gem in a sea of rotten apples. As an industrial specialist, in order to maintain our yield profile, we must look to less fashionable assets where there is plenty of growth. Ripon is a thriving city and we look forward to contributing to its growth and development.”
Carter Towler director Matthew Faulkes, said: “This has been an excellent project to be involved with. The Arcade is in a fantastic location in the heart of this prosperous North Yorkshire city with a vibrant mix of tenants. We are very much looking forward to working together with all the retailers, the council and Frank Marshall’s team going forward to further enhance the shopping centre.”