A RETAIL property occupying "one of the best" city centre spots in York has been sold for £2.2 million.

The shop unit in Stonegate, which is home to country and equestrian inspired retailer Joules, has been sold by the capital markets team at CBRE in Leeds to a private investor.

The sale, which reflects a net initial yield of 5.39 per cent, was completed on behalf of CBRE Global Investors.

The ground floor sales area, which covers 2,000sq ft has been occupied by Joules since 2011, when it agreed an 11 year lease on the property.

Robin Bullas, associate director of Capital Markets at CBRE Leeds, said;

“With a catchment population of some 5.9 million and impressive retail spend levels, it is easy to see why York is the fourth most sought-after retail centre in the UK by retailers’ requirements. Prime freehold retail investment opportunities, such as the Joules unit, attract good investor interest due to the strong covenants and the 5 Stonegate property occupies one of the best retail spots in the centre with superb footfall.

“Transactions of this nature demonstrate the investor appetite for retail accommodation within the Yorkshire region and all contribute to the long-term recovery of the property sector.”

The retail space at 5 Stonegate is arranged over the ground, first and second floors and also includes a residential flat.