There have been several announcements about investment in the York City centre over the last few weeks.

Details of a new hotel in Hungate have been released while most of the troubled Stonebow building will become residential with commercial and leisure at street level.

In Piccadilly, the old NCP car park site may be turned into a hotel and flats.  Nearby, Ryedale House is set to become apartments.

The Council has rejected interest in building a hotel on the former Reynard’s garage site, controversially preferring a medium term retail option involving the use of  shipping containers! This has prompted renewed calls for a planning blueprint for the area to be agreed quickly, followed by comprehensive redevelopment work.

It’s not difficult to see why retail is being squeezed in the City centre.

There are a record number of empty shops in the City with (potential) shopper numbers declining. This can be contrasted with hotel bedroom charges (and occupancy levels) which are at record highs.

Very high sale prices on City center apartments are being achieved .

A two bedroomed flat in the Westgate development sold recently for £245,000. It had previously been sold in 2012 for £168,000 – a 45% increase.

A new 2 Bed flat conversion in Goodramgate is currently advertised for £315,000.

The drift into a hospitality led City centre economy – buoyed by high visitor numbers and more local residents – seems likely to gather pace.

We expect to see more commercial premises including shops being converted into homes.