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27
Nov
Paris investor pays millions for Harrogate commercial property block
A wedge of Harrogate town centre has been snapped up by a Paris-based property investment company for £3.7 million.
The block, from 17 to 23 Parliament Street, extends to 19,000 sq ft and is currently occupied by Five Guys, Mitchells & Butlers (All Bar One), and Marstons.
The block, which was described by the agent as being “situated within a highly prominent island position within a core leisure, café, and bar pitch in Harrogate”, has been bought by Iroko, which currently has €1.46 billion (£1.28 billion) in assets under management.
Jack Higgitt, associate director at Portland Leisure Advisers, which acted for Iroko, told the Stray Ferret:
It was quite an attractive investment – a good mix of tenants added to the fact that it’s on Parliament Street, which is the hub of the town’s leisure offer.
Harrogate’s a big tourist destination, and there’s a lot of demand for blocks like this, so it was a relatively straightforward opportunity to invest in an attractive market.
17-23 Parliament Street in Harrogate.
Asked what kind of owner Iroko would be, he said:
Iroko is a long-term investor. It has an income-orientated portfolio – all the properties are on long leases. I’d imagine they probably have a five- or 10-year horizon.
Although the block’s sale to an international investor could be seen as a vote of confidence in Harrogate’s viability, the deal did come at a discount – the block had previously been marketed in 2024 with a higher asking price of £4.7m.
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