Ripon retail park sold in £8.3 million deal

A North Yorkshire retail destination has changed hands in a multi-million-pound deal. 

St Michael’s Retail Park, in Ripon, home to Marks & Spencer and Next, has been sold for £8.3 million. 

The 24,400sq ft scheme, located on Rotary Way just off the A61 bypass, also includes an EV charging operator and is fully let for the next 14 years at £20 per sq ft.

Knight Frank’s Leeds office and Lamb & Swift Commercial advised vendors Commercial Development Projects and Rothstone Estates, both specialists in retail and leisure property. 

The buyer, State Street Investment Management, was represented by TW Keil.

Lamb & Swift’s Charlie Greenhalgh acted as joint letting and selling agent.

Mark Rothery, managing director of Rothstone, 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.

“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.”

Richard Brooke, investment partner with Knight Frank in Leeds, added: “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.”

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