Carter Towler has negotiated the purchase of a shopping centre, The Arcade, in Ripon on behalf of Frank Marshall Estates. The Bradford-based property investment company acquired the 16,484 sq ft, multi-let arcade from Westcourt Group off a guide price of £2.2m.
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.
Frank Marshall Estates has also appointed Carter Towler as managing agents for the properties.
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.”
Matthew Faulkes added: “This has been an excellent project to be involved with,”. “The Arcade is in a fantastic location 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.”