Signs of retail recovery as city’s shopping site fully let once more

The centre, which has Fenwick’s as its flagship store, has let a 600 sq ft unit to Bagel Nash on a five-year lease and a 500 sq ft unit to Love Forever, also on a five year lease. The two lettings mean that the entire 200,000 sq ft centre is now let.

Tom Limbert, partner at Leeds-based Central Retail, which has acted as the centre’s sole letting agents for the past ten years, said: “Coppergate reflects returning confidence to York city centre and this is the best picture that we have seen for five years.”

He pointed out that Coppergate, which is owned by Lasalle Investment Management, is now fully let as opposed to fully occupied. This means that all the tenants are rent-paying, permanent retailers and leisure operators rather than charity or pop-up shops that a number of centres use to fill space.

“With the go-ahead given to the JLP development at Monks Cross on the outskirts of York, there were fears in some quarters that the city centre would be adversely affected, but these concerns appear to be unfounded, as demand from retailers and leisure operators for space is the strongest we have seen since 2008 and the casual dining sector in particular is booming,” he said.

Coppergate, which opened three decades ago, is sited within the city walls and houses a number of well-known retailers including Marks & Spencer, Topshop, Boots, Topman, Miss Selfridge, Evans, Clarks, The Whisky Shop and Joy.

It has an on-site multi-storey car park and is a short walk from the railway station.

In 2003 the Government turned down plans to demolish and redevelop the centre, anchored by a new Debenhams, following negative public reaction.

Debenhams has since announced plans to open a second store at the Monks Cross in addition to its store in the city centre.

La Salle is now expected to ask for planning permission to develop the site in a way that meets with public approval.

It is thought that Monks Cross could be fully let within six weeks.

When it opens next Easter, the £90m Vangarde development will include a John Lewis, Next and Marks & Spencer.

The development on the outskirts of York will also house a 6,000-seat community stadium, which will be home to York City FC and the York City Knights rugby league club.

The team behind the development has been held up by the presence of great crested newts on the site.

The newts are protected across Europe, and an alternative habitat nearby had to be found for them before the work could start.

The “physical cost” of moving them has been estimated at around £500,000, although according to the developers, the total cost of dealing with the great crested newts could run into millions, because of the delays they have inflicted on the project.

According to the developers, the new shopping centre is expected to provide a £12m to £14m annual boost to York’s economy. The development secured outline planning permission in July 2012.

Coun James Alexander, the leader of York City Council, said: “This development marks an exciting period for York and its residents and sends a strong signal to the marketplace that York is open for business and open for opportunity.

“Not only is the retail offering in York being enhanced, providing an economic boost to the city, but this is another major step forward in the delivery of the community stadium – which will provide a new home for our professional sports clubs, community health and sporting facilities to be proud of.”

Elsewhere in York, Central Retail has just completed a letting to ARC Inspirations on the former chapel at 3 Little Stonegate for its upmarket bar and restaurant operation, Banyan which this will open in the summer.

It is the final part of letting the rear area of the former Borders’ Books at 1/5 Davygate following the acquisition of the 20,000 sq ft flagship store in June 2011.

Mr Limbert said that York is thriving despite the downturn, as shown by a number of new upmarket restaurant chains.

“Wagamama and Jamie’s Italian have both opened, with Yo! Sushi who opened last autumn and Cote, the London restaurant chain opening this summer as well on Low Petergate.

“There is still demand from the likes of Carluccio’s and Giraffe who want to be in the city,” he added.