The five-storey building at 2 Low Ousegate is for sale, with a £2.7 million price tag.
Estate agents Linley and Simpson currently rent out the ground floor and basement of the building for office space, with their tenancy lasting until September 2027.
Milburns Commercial, which is a new addition to the York-based Ashtons Group, is handling the sale and said the tenancy makes an annual rental income of £67,000.
The five-storey building at 2 Low Ousegate is for sale, with a £2.7 million price tag (Image: Dylan Connell)
The remaining upper four floors of the building are vacant with scope for development.
Last year City of York Council granted Mack & Law Builders Ltd planning permission for the upper floors of the building to be turned into eight two-bedroom apartments.
At the time, a report by council planners agreed that the change of use for the office building was a general permitted development, subject to approval by the planning authority.
The report concluded there were no objections to the scheme subject to compliance with conditions regarding noise attenuation and waste management.
Potential for ‘further development opportunities’ at site, says estate agent
A Milburns Commercial spokesperson said the site has a lift with access to all floors and a ladder to its roof which “offer further development opportunities with the approval of relevant planning permission”.
“The building forms part of York’s iconic riverside and sits amongst a variety of local amenities, making it a fantastic opportunity for commercial and residential purposes,” the spokesperson explained.
They added that the site being close to Ouse Bridge means it “benefits from high foot traffic, ideal for its commercial use, while the upper floors offer excellent views of the River Ouse”.
“The surrounding area is rich in amenities, making it an attractive location for both commercial and residential purposes.
“This property represents a solid investment opportunity with its existing commercial lease providing steady income, and the potential for significant value addition through residential conversion and possible further development.”
In June The Press told how street art group Bombsquad covered the empty office space in artwork to raise money for youth homelessness charity SASH.
It was the second year that the group transformed the Low Ousegate building into artwork for the exhibition.
Figures for this year are yet to be released but the 2023 exhibition raised almost £12,000 for YorkMind.
- Number 2 Low Ousegate can be viewed by appointment only. For more information phone 01904 207022 or email enquiries@milburnsnet.com
