SHOPS and restaurants in a city centre courtyard have a new landlord, after the city council completed a multi-million pound deal to buy the buildings.

Swinegate Court is home to 30 units covering more than 45,500 sq ft.

Former owners Royal London Asset management has confirmed it has sold the freehold to both Swinegate Court East and Swinegate Court West to the city council.

City of York Council leader Cllr David Carr said: “We are committed to ensuring the continuing success of York’s historic city centre and this investment shows our belief in its future economic potential.

“Swinegate Court is a significant addition to our commercial potential.

“We are delighted to have completed this deal which is financially advantageous for us as a council.”

Swinegate Court is currently home to restaurants Lucia’s and Slug and Lettuce, shops Mulberry and Sahara, and the York offices of Banks Sadler and solicitors Switalskis.

A city council spokesman said its purchase would boost the authority’s continuing work to ensure the ongoing economic vibrancy of the city centre and also increase the income from the council’s commercial property portfolio.

The city council’s ruling executive agreed to go ahead with the purchase in late July, and it has a £15 million budget to fund the acquisition of new sites.

Its mix of shops, leisure units, and offices brings in £813,000 a year in rent.

The Swinegate purchase follows another council acquisition on Hospital Fields Road.

Late last year the freehold of Stonebow House and two sites on Redeness Street, off Layerthorpe, were sold off bringing in £1 million either to pay off council debts or finance the Hospital Fields Road purchase.

David Waterhouse, of Stapleton Waterhouse, a York based team of commercial surveyors. which represented the council in the deal, said it had made a good move.

“It makes complete sense for City of York Council to acquire this substantial central investment property,” he said.

“With an undersupply of quality city centre offices and the demand for speciality/leisure strong, I see a great future for Swinegate Court under the stewardship of City of York Council.”