York to receive office space boost - commercial mortgages

22 February 2007

Investors seeking commercial mortgages in York may be interested to know that plans £1.8 million office complex in the city centre have been submitted to planning authorities.

With high quality office space in the city coming at a premium, the development will create 15,000 sq ft of commercial property, potentially housing 150 workers.

If approved, the offices located in the Tanners Moat area will incorporate the features of an existing building.

The Oakgate Group, the development company behind the proposals, claims that the scheme is speculative and that no firms have been targeted as occupants yet, the York Press reports.

Len Cruddas, chief executive of the North Yorkshire Chamber of Commerce, remarked: "It''s good news because we are desperately short of quality office accommodation in the centre of town."

"That''s a direct result of the success of the financial and professional services sector in the centre of York - we need some space for expansion," he added.

Recently, the York Press reported that some 35,000 sq ft of office space will be created as part of a new development in the Monks Cross North area, which may be of interest to people seeking commercial property mortgages.