Investment Buyer Sought For Victorian Warehouse

Posted on 15 December, 2014 by Cliff Goodwin

York’s iconic Bonding Warehouse — which has survived flooding, vandalism and a squat by peace demonstrators — is being offered for sale after a multi-million pound refurbishment.

The derelict bonding warehouse on the river in York UK

Two years ago the abandoned riverside Grade II listed building near Skeldergate was acquired by York-based developer Grantside.

Today, fully restored and protected from flood-waters which 14 years ago threatened to destroy it, the landmark building is on the market as an investment opportunity with a £2.4m price tag.

Office space in the build is now fully let. in July Grantside relocated its own headquarters from York’s Holgate Park to the warehouse, taking 2,000sq ft on the ground The following month, Global software developer Anaplan leased the remaining 9,000sq ft of space as part of an expansion plan that will see it hire at least 50 new staff members.

And the scheme’s four luxury riverside flats have either been sold or are under offer. The largest, fetching £1m, setting a record price for a York apartment.

Steve Davis is Grantside’s managing director. “We have been on an amazing journey since we secured the Bonding Warehouse site in 2012,” he admitted. “The building had been in a sorry state of dereliction and vandalism for more than a decade.

“Being able to restore this iconic building, which is so much a part of the history of the city, has been a privilege. With a great deal of painstaking restoration work and the installation of specialist, state of the art flood defences, we have brought it back to life — sensitively blending the historic with the best of high-tech.”

Completed in 1874, the Bonding Warehouse was built for the storage of dutiable goods. It was designed by city surveyor George Styan, and intended to encourage seagoing ships to use York as an inland port.

During the 20th century it was used as a warehouse by Rowntree’s before being converted to a restaurant in the 1970s and later a music and comedy venue, featuring now famous comedians such Jo Brand, Mark Thomas and Jeremy Hardy.

The historic building suffered from severe flooding in November, 2000, which left it uninhabitable. Four years later a group of squatters from the York Peace Collective moved in and made it their temporary base.

Jonathan Gale of agent Bray Fox Smith, which is marketing the property, describes the development as “a truly unique building, redeveloped to the highest standards while retaining a wealth of the building’s original features”.

Its setting, he adds, right on the riverside and in the heart of York provides the ideal location for occupiers. “Add to that a secure rental income from strong tenants, Anaplan and Grantside, and it is a very attractive and rare investment prospect with broad appeal to a range of buyers from local and regional through to national investors,” said Gale

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