Helmsley Group is confident the outlook for the property investment market is bright after selling part of its The Old Fire Station development in York to Standard Life Trustees Limited.
Helmsley Group has sold the ground and mezzanine floors of the office element of the mixed-use development, which are occupied by growing patent and trademark attorneys Secerna, at a guide price of £1.1m on a 999-year lease.
Jonathan Wade of Wade Property Consultants acted for Helmsley and London Ebor on the sale. Richard Dunn of Sanderson Weatherall was agent for Standard Life.
The scheme, a joint venture between Helmsley Group and fellow York-based property development business London Ebor, has raised the bar for residential standards in central York, incorporating a total of 14 apartments and townhouses, plus two self-contained grade A office suites, within the setting of the historic former fire station and adjoining riverside land.
The iconic building, which dates back to 1856 when it was built as Trinity Chapel, before its conversion to a fire station in 1938.
Max Reeves, development director at Helmsley Group, said: “With the fire brigade relocating to a new, purpose-built premises, we had the opportunity to extensively renovate the building, sensitively bringing it back to life and lifting the standard of heritage development in the city. We have been delighted with the result.
“As a York-based company, we are extremely proud of our role in supporting the city and wider region’s economies.
“This transaction also demonstrates a returning confidence in quality property investment in light of the coronavirus and we are optimistic this trend will continue.”
The sale at The Old Fire Station follows the successful launch of Helmsley Group’s Aura residential development in York last month, which saw each of the scheme’s 14 one and two-bed apartments sold within a fortnight.
Commenting on the sale, Jonathan Wade, director at Wade Property Consultants, said: “It is very pleasing to have acted for Helmsley and London Ebor on the sale of offices at The Old Fire Station, a transaction that demonstrates there is still a good market for the right property in strong locations.”
Richard Dunn, partner at Sanderson Weatherall, added: “The Old Fire Station is a good investment for our client, Standard Life, and fitted their brief perfectly. The dynamics of the York office market remain robust, with demand for this popular city outweighing the limited stock.”
About Helmsley Group
Helmsley Group is based at Monk’s Cross, York and has been helping clients to develop their wealth through property for 40 years. The company’s expert team provides clients and investors with a range of property investment opportunities that are always secured against land or property. https://helmsley.co.uk/
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