Retail development makeover in York - commercial mortgages

21 May 2008

A new multi-million pound property deal could help maintain the popularity of shopping on Coney Street in York, it has been suggested.

Oakgate Group announced that it has purchased a site that is currently occupied by Boots and is planning to divide it into two or three units to be filled by retailers, the York Press reports, which may be of interest to those who are looking for commercial mortgages in the area.

Before the new tenants move in, the firm said it will carry out a refurbishment of the building, which is likely to take between six and nine months.

Chief executive of York and North Yorkshire Chamber of Commerce Len Cruddas told the publication that the deal is "excellent news" for the city.

"It''s a good confidence boost - the fact that a site as important as that right in the heart of the city should be developed so quickly and we look forward to seeing the development completed," he added.

Shops already located on Coney Street include Accessorize, River Island and HMV.