A NEW retail development has been sold to a fund manager for over £9m.
Albion Place, in Skipton town centre, was sold to independent fund management business Mayfair Capital.
Developed by Preston-based Maple Grove Developments, a division of Eric Wright Group, Albion Place is thought to be the area’s largest town centre development in more than 20 years.
It was completed earlier this year.
Shops at the 46,000 sq ft development, which has created more than 150 permanent jobs, include Next, Pizza Express, Cotswold Outdoor, Cotton Traders and Dawsons Department Store.
Advisors on the sale included law firm Gateley.
Graham Pilkington, senior development manager at Maple Grove Developments, said: “We have worked with Gateley since the inception of this project to make sure that the complex development process was kept as simple as possible.
“This joint approach was extremely successful, demonstrated by the fact that over 95 per cent of the available retail accommodation was let prior to practical completion and the sale of the finished development to Mayfair Capital ran smoothly.
“The Albion Place retail development adds to the portfolio of developments undertaken by Maple Grove in sensitive historic town centres and all the retailers have reported excellent levels of trade since opening.”
Andrew Mellor, real estate partner at Gateley, added: “This sale is a significant achievement for Maple Grove Developments and Gateley.
“Our advice has enabled the business to sell a significant retail scheme which has been acquired, pre-let, financed and developed in a very difficult market.
“There have been complex negotiations with the local authority, occupiers and adjoining landowners which we’ve been able to successfully assist with.
“It has given Skipton town centre a new lease of life, attracting visitors to the area, lowering unemployment levels and helping local businesses to grow. I am delighted to have seen the scheme reach fruition.”