Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Developer predicts growth after pandemic

York city centre



Development director at Helmsley Group, Max Reeves, said some of the challenges of the pandemic could be turned into opportunities

Empty shops in York city centre are being bought by local investors – and that is good news for the high street, according to business leaders.

Max Reeves, development director at York-based property company Helmsley Group, says the recovery from the pandemic will give the city an opportunity to evolve.

The company – which has been involved with redeveloping the Old Fire Station and recently announced plans for the city’s first eco hotel in North Street – is also supporting City of York Council’s campaign to remain unchanged as a local authority under local government reorganisation proposals.

Mr Reeves said developers and investors have strong relationships with the council and linked public bodies which he fears will be lost if alternative proposals to split North Yorkshire into two much larger councils go ahead.

He said the future looks bright for York and that some of the challenges of the pandemic could be turned into opportunities to boost the economy: We can look at it as a disaster or an opportunity. We have a chance to evolve the city. In York we are seeing the days of generic high streets and buildings owned by remote multi billion pound funds is dying.

We have seen a big movement this year of properties moving into the investment of local investors who have the interest and the passion to see the city thrive, he said.

Council leaders have already heard that a number of city centre properties – often large vacant shops – have been sold off by pension fund owners and bought by local developers, sometimes a hugely discounted prices, according to York BID director Andrew Lowson.

The pop-up gallery in the ex-Dorothy Perkins/Burtons shop in Coney Street is part of a Helmsley Group initiative.

James Farrar, chief of North Yorkshire Local Enterprise Partnership, has predicted a significant rise in staycation trips to York in 2021.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.



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