The property fundamentals are key to why we see this property as being transformational to our Company with significant capital enhancement options. Transport connections are excellent, having a direct non-stop train service to King’s Cross in 1 hour 50 minutes. Plans to regenerate the vast area of vacant railway land known as York Central include the upgrade of the adjacent station. Residential sales values have remained strong and even in the financial crisis of 2009 plateaued rather than fell. The demand for office space is strong and rental values were predicted to grow at the time of purchase.
Between December 2014 and August 2017, we engaged with City of York Council and local interest groups to obtain planning permission for a new build development. The final scheme comprises three blocks totalling 127 high end residential apartments and a Headquarters grade A office building of 35,000 sq ft as well as a further ground floor unit of 4,500 sq ft and associated car parking.
The blocks are all set within landscape gardens close to the historic city wall.
Demolition was completed in December 2018 following which Caddick Construction was appointed contractor for a £33.6m development of the site. This is part funded by a £26.5m debt facility from Barclays with the balance from our cash reserves. Practical completion remains on course for spring 2021.
A UNIQUE OPPORTUNITY IN THE UK’S BEST PLACE TO LIVE AND WORK.
On the historic site of pioneering and world changing events, championed by the formidable ‘Railway King’ George Hudson, Hudson Quarter leads the next exciting phase in the transformation of York.
A prestigious, sustainably built, mixed-use development with planning permission for 127 apartments, 35,000 sq ft of offices, 4,500 sq ft of commercial space and car parking, all within the ancient city walls of one of the finest cities in the world.
Project completion is scheduled for 2021.
39,500 sq ft
Walk: under 5 mins
1 Network Rail
2 City of York Council
4 Langleys Solicitors
6 Micklegate Cafés, Bars and Restaurants
7 National Railway Museum
Walk: under 10 mins
8 Yorkshire Museum
9 Prime Retail
10 All High Street Banks
11 Betty's Tea Room
12 M&S and Market
13 Jorvik Viking Centre
Walk: under 15 mins
14 Clifford's Tower
15 Castle Museum
17 York Minster
18 York St John University