York Road Shopping Centre Leeds Yorkshire LS9 6T9

York Road Shopping Centre
Leeds
Yorkshire
LS9 6T9

Freehold Retail Park Investment

Fully let retail park comprising three units
Over 85% of income secured from Iceland Foods Limited and B&M Retail Limited
City Centre Location highly visible from busy A64
Three retail units comprising 2,511 sq m 27,000 sq ft) on a substantial site of 082 hectares (2.04 acres)
Onsite parking for approximately 109 cars
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
36
Auction
13th October 2016
Rent
£194,751 per Annum Exclusive
Status
Sold
Price
£2,425,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On Behalf of a Major Fund Manager

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Freehold Retail Park Investment

Fully let retail park comprising three units
Over 85% of income secured from Iceland Foods Limited and B&M Retail Limited
City Centre Location highly visible from busy A64
Three retail units comprising 2,511 sq m 27,000 sq ft) on a substantial site of 082 hectares (2.04 acres)
Onsite parking for approximately 109 cars
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 36
Auction 13th October 2016
Rent £194,751 per Annum Exclusive
Status Sold
Price £2,425,000
Sector
Retail Warehouse
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On Behalf of a Major Fund Manager

Property Information

Location

Miles: 1.5 miles east of Leeds City Centre
Roads: A64 (M), M1 (Junction 46)
Rail: Leeds Rail & Cross Gates Rail
Air: Leeds Bradford Airport

Situation

The property is located 1.5 miles east of Leeds City Centre, occupying a prominent roadside location next to the A64, the main arterial route into Leeds. The site is is in a predominantly residential area with a number of similar retail warehouses located along the A64 including Lookers Ford Car Showroom and Nationwide Car Hire.

Tenure

Freehold.

Location

Miles: 1.5 miles east of Leeds City Centre
Roads: A64 (M), M1 (Junction 46)
Rail: Leeds Rail & Cross Gates Rail
Air: Leeds Bradford Airport

Situation

Tenure

Freehold.

Description

The property comprises a purpose built retail park currently arranged as three ground floor retail units and a cash point. The property benefits from parking for approximately 109 cars and large site area of approximately 0.82 hectares (2.04 acres) providing future development potential (subject to consents). To the rear of the property is a dedicated service yard.

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

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
A	Ground	Retail	806.03 sq m	(8,67 6 sq ft)	ICELAND FOODS LIMITED (1)	35 years 19/07/1993 until 18/07/2028 (2)	£64,000	19/07/2018 19/07/2023
B	Ground	Retail	1,357 sq m	(14,607 sq ft)	B&M RETAIL LIMITED (3) (4)	15 years from 21 /04/2008 until 20/04/2023	£105,000	21/04/201 8
C, D & E	Ground	Retail	348.01 sq m	(3,746 s q ft)	ROMART SUPERSTORES LIMITED	6 years from 30/10/2012 until 3 0/10/2018	£25,750
Sub Station	-	-				60 years from 01 /01/1994 until 3 1 /12/2053	£1
Cash Point	-	-			VACANT POSSESSION
TOTALS			2,511.04 sq m	(27,029 sq ft)			£ 194,751

(1) For the year ending March 2016, Iceland Foods Limited reported a turnover of £2,658,332,000, pre-tax profits of £58,172,000 and a total net worth of £740,354,000. (Source: Experian Group 13/09/2016)
(2) The current lease is for a term of 25 years expiring 18/07/2018, although in addition, a reversionary lease is in place from expiry of the current term until 18/07/2028. The tenant is currently benefiting from a concessionary rent of £32,000 expiring 28/09/2017. The seller has agreed to adjust the completion monies so that the unit will effectively be producing £64,000 per annum from completion of sale.
(3) For the year ending March 2016, B&M Retail Limited reported a turnover of £1,902,557,000, pre-tax profits of £168,121,000 and a total net worth of £440,372,000. (Source: Experian Group 13/09/2016)
(4) The lease is subject to a schedule of condition.