Helmsley Group buys 70 Low Petergate in off-market York acquisition
Property investment and development specialist Helmsley Group has completed the purchase of the freehold interest in 70 Low Petergate, York. The property was secured off market from an institutional vendor ahead of a wider sale process, and has been acquired on behalf of the firm's private client investors.
The building extends to 7,952 sq ft over three floors. The ground floor trades as retail, and the two upper floors, which have direct and singular access off Low Petergate at street level, are in medical use.
The acquisition is one of three York city centre retail freeholds bought by the firm over the past twelve months.
One of York's strongest retail pitches
Low Petergate runs into Stonegate and lies in close proximity to York Minster and King's Square. Nearby occupiers include Reiss, Oliver Bonas, Jo Malone, L'Occitane, Mint Velvet and Jojo Maman Bébé, alongside Côte, Wildwood, Five Guys and 200 Degrees Coffee.
Recent lettings on the street support the position. 55 Low Petergate was renewed to L'Occitane at £66,000 pa in June 2025 (Zone A £110), and 71 Low Petergate was let to Hatsu on a new 15 year lease at £60,000 pa in October 2024 (Zone A £105).
Two occupiers, £128,000 passing
The property produces a passing rent of £128,000 pa from two occupiers.
Poundland occupies the ground floor together with ancillary first floor accommodation. The lease expired in June 2024 and the tenant is holding over at £90,000 pa. Terms have been agreed for a new five year lease at £140,000 pa, incorporating a tenant break in year three, and documentation is progressing.
Borehamwood Ortho Clinic Limited, trading as Orthokind, occupies the first and second floors under two coterminous leases producing a combined £38,000 pa, expiring in June 2033 with a break option in June 2028. Orthokind is a specialist orthodontic practice providing private and NHS treatment from the building.
Both leases are internal repairing, with external works covered through a service charge mechanism.
Held freehold and without debt
The freehold has been acquired for cash. There is no borrowing against the property, and it is held within a Helmsley Group syndicate on the same basis as the firm's wider syndicated portfolio, which stands at around £200 million and is held entirely debt free.
Helmsley Group intends to conclude the Poundland renewal, regear the upper floor leases, and carry out works to the shopfront and external fabric during the period of its ownership.
Edward Harrowsmith, investment director at Helmsley Group, said: "Low Petergate is one of the strongest retail pitches in York and freeholds there rarely come forward. This one reached us off market, ahead of a wider process, which is usually how the better York buildings come to us.
"The asset is under-rented and under-managed in its current state, and that is precisely why we bought it. Terms are agreed with Poundland, we anticipate regearing the upper floors with Orthokind, and there is work to do to the shopfront and the external fabric. None of it is complicated. It simply needs doing.
"We have bought the freehold with cash and with no debt against the building. That is how our entire syndicated portfolio is held, and in the current market it matters."
Helmsley Group's syndicated property investments are Unregulated Collective Investment Schemes and are suitable only for professional clients, certified high net worth individuals and certified sophisticated investors. Helmsley Securities Limited is authorised and regulated by the Financial Conduct Authority under firm reference number 665743. This article is published for information only. It is not an invitation or inducement to invest, and it is not advice. Property values and rental income can fall as well as rise.