Yorkshire Counties


Development Progress: York and North Yorkshire at a Turning Point


Miles Lawrence


We spoke to Miles Lawrence, Director of Carter Towler’s York office, following the announcement that York City Council has officially adopted its Local Plan. This landmark decision establishes the city’s first comprehensive development frame-


work since 1956, shaping York’s growth over the next decade. The plan sets out a vision for sustainable housing, economic development, and infrastructure, marking a crucial step in the future of both York and the wider North Yorkshire region.


Adding to the positive outlook, York’s Central project is making significant strides. The ambitious McLaren Property and Arlington Real Estate partnership is spearheading one of the UK’s largest city centre brownfield regeneration schemes. The development will deliver up to 2,500 homes and over 1 million sq ft of commercial office, retail, and leisure space, providing a major boost to the local and regional economy.


Since opening in early 2024, Carter Towler’s York office has been exceptionally busy across all sectors. Notable transactions in early 2025 include advising, in partnership with Polestar Asset Management, on the leasehold acquisi- tion of East Coast House, Skeldergate, for ser- viced office provider Wizu Workspace.


The 21,000 sq ft riverside property has been secured on a 15-year lease and will undergo a major refurbishment to create premium office spaces. This represents the largest city centre office letting in York in recent years.


Carter Towler also advised on the re-let- ting of 2 Birch Park. Following more than 20 years of occupancy by a medical distribution business, the building has been extensively upgraded to serve as a flagship facility for DJ Assembly Limited, one of the UK’s leading elec- tronic manufacturing firms. DJ Assembly has signed a new 10-year lease at an initial rent of £180,000 per annum.


Investor and business interest in York and North Yorkshire remains strong not just across the office and industrial market, but retail and leisure too. The York team has been appointed to sell the prime long-income investment of


CBRE Appointed on two Leading Life Sciences Hubs in Yorkshire


CBRE’s Office Agency team in Leeds has been appointed on two leading Life Sciences hubs in Yorkshire. The team has been instructed by York Biotech campus and Nexus University of Leeds to market specialist laboratory and office space aimed at innovative and entre- preneurial businesses in the high growth Life Sciences sector. The York Biotech campus which sits on 80-acre parkland at Sand Hutton in York is just 8 miles from the city centre and offers 260,000 sq ft of world class laboratory space, as well as flexible office accommo- dation to support and enable scientific discovery, innovation and application for businesses in the bioscience industry from start-ups to established businesses.


It boasts a raft of facilities and amenities including a restaurant, fit- ness centre, on site nursery, co-working space, 250-seat auditorium, cycle storage, warehouse space, communal space, networking and collaboration opportunities, as well as 550 car parking spaces.


York Biotech also has the first fully flow through field scale mes- cocosm facility in Europe, 54 growing houses, 1.2m honey bees in on-site apiaries, 82 controlled environment rooms, an insect research laboratory, quarantine facility and has one of the largest mass spec- trometry suites in the UK.


Nexus is located on Discovery Way in Leeds and offers flexible work- space for a vibrant community of innovators and entrepreneurs that want to turn their big ideas into reality. Life Sciences occupiers can access a range of office space spanning 11,821 sq ft accommodating from 4-75 desks; 8,752 sq ft labs and office space including a 2nd floor 828 sq ft lab; 2,341sq ft lab space, as well as meeting rooms, co-working space, event space, a business lounge and a café.


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Stonebow House for £5.96 million. This 49,905 sq ft brutalist city centre property features lux- ury apartments and three retail units.


Further transactions include the sale of Victoria Vaults public house on Nunnery Lane for £395,000 and facilitating a new lease for Hotel Chocolat at Vangarde Shopping Park.


Acting on behalf of Associated British Foods Pension Trustees Limited, Carter Towler secured a 10-year lease for the 3,500 sq ft unit at £80,000 per annum.


In its first 12 months, Miles and his team have advised on approximately £7.25m in freehold sales and generated around £1.34m in annual rental income across the retail, office, industrial, and leisure sectors.


With dynamic development plans driving pro- gress, he believes York and North Yorkshire are poised for an exciting period of growth.


Hammerson completes sale of Leeds assets for £26m


Hammerson has completed the sale of its standalone Templar Street assets in Leeds to a joint venture between Leeds-based Khalbros and Torsion Group, for a total cash consideration of £26m, which represents a 23% premium to book value.


Proceeds of the disposal will be reinvested in line with our capital allocation strategy.


The sale follows several years of asset management and close alignment with stakeholders including Leeds City Council (“LCC”) to bring forward a mixed-use masterplan.


With this activity completed in H2 2024, and with the support of LCC, a process was launched to seek an experienced and dedicated buyer to deliver the next phase of development.


The sale follows Hammerson’s strategic exit from Leeds in 2022 following the disposal of Victoria Gate and Victoria Quarter. Hammerson retains a small interest in a mixed-use block on Eastgate, which it expects to dispose of in due course.


This transaction illustrates the benefit of applying disciplined, incremental capex to unlock value from our portfolio. We have worked closely with stakeholders to work up a strong redevel- opment plan and our pleased to have secured a highly capable, Leeds based JV to deliver the next phase of the scheme.


COMMERCIAL PROPERTY MONTHLY 2025


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