Becketts Bank 28 - 30 Park Row Leeds West Yorkshire LS1 5HU

Becketts Bank
28 - 30 Park Row
Leeds
West Yorkshire
LS1 5HU

Freehold City Centre Public House Investment

Majority let to J D Wetherspoon plc until June 2040 (no breaks)- approximately 25 years term certain
Fixed rental increase in June 2020 and five yearly thereafter
J D Wetherspoon lease recently extended and tenant break option removed (without incentives given)
Approximately 928.25 sq m (9,992 sq ft)
Prominent city centre location close to Carluccio’s, All Bar One, Wagamama, Jamie’s Italian and Slug & Lettuce
For the Seller's Legal Pack, please click the Property Documents tab below
For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
11
Auction
11th February 2016
Rent
£165,000 per Annum Exclusive
Status
Sold
Price
£2,852,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold City Centre Public House Investment

Majority let to J D Wetherspoon plc until June 2040 (no breaks)- approximately 25 years term certain
Fixed rental increase in June 2020 and five yearly thereafter
J D Wetherspoon lease recently extended and tenant break option removed (without incentives given)
Approximately 928.25 sq m (9,992 sq ft)
Prominent city centre location close to Carluccio’s, All Bar One, Wagamama, Jamie’s Italian and Slug & Lettuce
For the Seller's Legal Pack, please click the Property Documents tab below
For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 11
Auction 11th February 2016
Rent £165,000 per Annum Exclusive
Status Sold
Price £2,852,000
Sector
Public House
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 10 miles east of Bradford, 36 miles north of Sheffield
Roads: A58M, A64M, M1, M621
Rail: Leeds Railway Station
Air: Leeds Bradford Airport

Situation

The property is situated in a highly prominent location on the western side of Park Row, at it’s junction with Greek Street and Bedford Street, in the heart of Leeds City Centre. Trinity Leeds and Victoria Quarter Shopping Centres are both a short walk away as well as Leeds Kirkgate Market, housing occupiers including Apple, Marks & Spencer, River Island, Armani Exchange, Louis Vuitton and Vivienne Westwood. The immediate surrounding area houses occupiers including Carluccio’s, Piccolino, Wagamama, Gaucho, All Bar One and San Carlo and Jamie’s Italian Restaurants, as well as many of the City’s major banks.

Tenure

Freehold.

Location

Miles: 10 miles east of Bradford, 36 miles north of Sheffield
Roads: A58M, A64M, M1, M621
Rail: Leeds Railway Station
Air: Leeds Bradford Airport

Situation

Tenure

Freehold.

Description

The property comprises a public house arranged on the ground and mezzanine floors with ancillary accommodation at basement level. In addition there are 23 residential apartments (let on a long lease) on the first to fourth floors.

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Fixed Rental Uplifts
Ground Mezzanine Part Basement	Public House/Ancillary Public House/Ancillary Cellar/Ancillary	413.99 sq m 161.13 sq m 353.21 sq m	(4,456 sq ft) (1,734 sq ft) (3,802 sq ft)	J D WETHERSPOON PLC (1)	40 years from 05/06/2000 until 04/06/2040 (2) (3)	£165,000 rising to £173,250 (June 2020) rising to £181,913 (June 2025) rising to £191,008 (June 2030) rising to £200,559 (June 2035)	05/06/2020 and five yearly thereafter
First, Second, Third and Fourth	23 Residential Apartments	–	-	M. DROGAN M.S. RUSSELL C. DROGAN (THE MMC PARTNERSHIP)	999 years from 24/02/2004	Peppercorn	–
Total Commercial Area		928.25 sq m	(9,992 sq ft)			£165,000

(1) For the year ending 26th July 2015 J D Wetherspoon plc reported a turnover of £1,513,923,000, pre-tax profits of £58,732,000 and a total net worth of £192,896,000. (Source: Experian Group 07/01/2016).
(2) The property was originally let to J D Wetherspoon plc for a term of 35 years from 5th June 2000, subject to a tenant only break option in June 2025. By way of a Reversionary Lease dated 15/12/2015, the lease was extended for a further five years until 04/06/2040.
(3) By way of a Deed of Variation dated 15/12/2015, the tenant’s option to determine the lease on the expiry of the 25th year of the term was removed (without incentives given) and fixed rental increases were agreed in 2015 and 5 yearly thereafter.