York Minster

York Minster to sell properties

Published Thursday 7th June 2007 by Alix Peacock

The Dean and Chapter of York are to sell a number of commercial and residential properties in central York in order to re-invest their value to maximize long-term income for the maintenance and mission of York Minster.
 
The properties to be sold are numbers 12 to 22 High Petergate (as a single block), 3 and 7 Precentor’s Court, 6 and 7 Monk Bar Court and 4 Goodramgate. The decision to sell has been reached following substantial professional advice, and after careful consideration. 
 
Numbers 12 to 22 High Petergate and 3 and 7 Precentor’s Court, are currently let out to provide income for the Minster. Under charity law these are 'endowed' properties and the Minster is not able to spend the money raised by their sale, but must reinvest the proceeds. Doing this will make the Minster's income less dependent on the health of the property market in York.  

The Monk Bar Court and Goodramgate premises are not endowed properties and so the proceeds are not restricted, but the intention is similarly to reinvest to produce income. The Minster has sold other properties in the Goodramgate area in recent years.
 
The sales will be conducted by estate agents Carter Jonas, and details appear on their web site at www.carterjonas.co.uk. The terms of existing tenancy agreements for the properties concerned will be strictly observed. The High Petergate properties are significantly protected as the properties are Grade II listed, are within a designated Conservation Area and any change of use will require Planning Consent.
 
Canon Stephen Anderson, Chapter Steward, said, "York Minster has been handed to us in trust by past generations of Christian people, and part of our mission is to pass it on to the future as a permanent beacon to the glory of God. Money is always a challenge, but we've also inherited historic investments which provide a lot of the Minster's income. We need to move that inheritance around sometimes across all forms of investment so that it works as effectively as possible to ensure we can continue to maintain and cherish the Minster far into the future."

Notes to the Media

The Dean and Chapter of York announced on February 9th 2007 that some properties were to be sold.  This is because property forms too high a proportion of investments and there is the added risk of it all being in one location.  This second announcement explains the outcome of the review that has taken place.