Revealed: The city centre shop bought by York council for £2.8 million

The city centre shop purchased by City of York Council last year has been revealed.

The local authority bought the building occupied by Holland and Barrett on Coney Street for £2.796 million in December 2019.

A senior councillor says rent from the shop will be used to fund council services.

And the upper floors of the property at 25 to 27 Coney Street could be turned into flats.

It could also be used strategically to “influence future developments”.

‘Good investment’

Cllr Nigel Ayre, executive member for finance, said: “The council purchased the Coney Street property last year on the open market.

“The property represents a good financial investment generating income to support core council service budgets.

“This income will more than cover the purchase cost of the property to the council over the coming years.

“The property has potential for future regeneration and use of upper floors for residential city centre living.

“It also includes a large riverside plot that will enable us to influence potential future development to ensure the ongoing vitality and sustainability of York city centre. Better utilisation of assets in this key retail street and the creation of a sustainable city centre will be key in response to the economic impact of coronavirus on our city centre economy.”

‘Strategic lever’

The purchase was agreed at a public meeting in November 2019 – but the details were not revealed

At the meeting councillors were told the aim of the purchase was to “ensure the ongoing economic vibrancy of the city centre”.

The agreed to put aside £2.85 million to fund the acquisition and associated costs. A report said the building will be a “strategic lever” for the council to “steer the future direction” of development on the street.

The council owns a number of commercial properties across the city centre – including many in Shambles, Swinegate and Back Swinegate.