Excellent pedestrianised retail location between the Trinity Leeds Shopping Centre and Briggate in Central Leeds
Rare Opportunity to purchase a well let Retail Investment in Leeds City Centre
Wholly let to Watches of Switzerland Company Limited trading as Goldsmiths
Renewed lease from June 2020 at a re-based rent of £162,500 per annum
Future potential residential conversion/development of upper parts (subject to lease and consents)
Neighbouring occupiers include Beaverbrooks, Ernest Jones, Rolex at Prestons, Omega and H Samuel
Lot 11
Auction 12th July 2022
Rent £162,500 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
A Major Fund
Property Information
Location
Miles
15 miles south of Harrogate
26 miles south-west of York
Roads
M1, M62, M621
Rail
Leeds
Air
Leeds Bradford Airport
Situation
The property is prominently located in a very busy retail pitch in Leeds city centre which is predominantly occupied by jewellery stores. The unit is situated equidistant between Briggate to the east and the north entrance to the Trinity Leeds shopping centre to the west. Nearby occupiers include Beaverbrooks, Ernest Jones, Rolex at Prestons, Omega and H Samuel.
Tenure
Freehold. The Seller will also transfer whatever right Title and interest (if any) that it holds in respect of the basement vaults which are located outside the registered Title beneath the pavement on Commercial Street.
Location
Miles
15 miles south of Harrogate
26 miles south-west of York
Roads
M1, M62, M621
Rail
Leeds
Air
Leeds Bradford Airport
Situation
The property is prominently located in a very busy retail pitch in Leeds city centre which is predominantly occupied by jewellery stores. The unit is situated equidistant between Briggate to the east and the north entrance to the Trinity Leeds shopping centre to the west. Nearby occupiers include Beaverbrooks, Ernest Jones, Rolex at Prestons, Omega and H Samuel.
Tenure
Freehold. The Seller will also transfer whatever right Title and interest (if any) that it holds in respect of the basement vaults which are located outside the registered Title beneath the pavement on Commercial Street.
Description
The property comprises a mid-terrace retail building over ground, basement, first, second and third floors. The ground and first floors are used for retail purposes with ancillary accommodation over basement, second and third floors. The retail areas have been fitted out in accordance with the tenants high standards.
VAT
VAT is applicable to this lot.
Planning
The property is situated within the Leeds city centre Central Area Conservation Area. Further details are available at https://www.leeds.gov.uk/planning/conservation-protection-and-heritage/conservation-area
Completion Period
6 Week Completion Available.
EPC
See Legal Pack.
Description
The property comprises a mid-terrace retail building over ground, basement, first, second and third floors. The ground and first floors are used for retail purposes with ancillary accommodation over basement, second and third floors. The retail areas have been fitted out in accordance with the tenants high standards.
VAT
VAT is applicable to this lot.
Planning
The property is situated within the Leeds city centre Central Area Conservation Area. Further details are available at https://www.leeds.gov.uk/planning/conservation-protection-and-heritage/conservation-area
Completion Period
6 Week Completion Available.
EPC
See Legal Pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review/ (Break Option)
Ground Basement First Second Third
Retail Ancillary Retail Ancillary Ancillary
144.28 181.57 128.07 114.81 106.51
(1,553) (1,954) (1,379) (1,236) (1,146)
Watches of Switzerland Company Limited (1)
10 years from 24/06/2020 and expiring 23/06/2030
£162,500 (4)
24/06/2025 (2) (3)
Total
675.24
(7,268)
£162,500
(1) For the year ending 2nd May 2021, Watches of Switzerland Company Limited reported a turnover of £603,430,000, a pre-tax profit of £18,819,000 and a net worth of £164,705,000 (Source: NorthRow Company Report as at 06/06/2022) Founded in 1924, Watches of Switzerland has been retailing the world’s finest watches for almost 100 years. There are 15 Watches of Switzerland showrooms across the UK, including dedicated Rolex and Jaeger-LeCoultre boutiques. (2) The lease provides for a tenant option to determine on 23/06/2025 subject to 6 months notice and a rent penalty equal to 6 months rent. (3) The rent review is an upwards only open market rent review (to be reviewed to the higher of the previous passing rent and the open market rent). (4) The rent is payable quarterly in advance under the lease but the tenant has a rental concession for itself and any group company assignee to pay monthly in advance on the first day of each month.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
