High Yielding Freehold Retail and Leisure Investment
Freehold comprising three shops and a live music venue
Tenants include Savers Health & Beauty Limited and RSPCA
All shops let from or after February 2020 at re-based rents
Opposite Kirkgate Shopping Centre with nearby retailers including Primark, McDonald's, Sports Direct and Poundland.
Approx. 24,439 sq ft
Lot 26
Auction 3rd November 2022
Rent £74,250 per Annum Exclusive
Status Sold
Price £576,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of Trustees
Property Information
Location
Miles
9 miles west of Leeds, 30 miles north east of Manchester
Roads
A6177, A650, M606, M62
Rail
Bradford Interchange Railway Station, Bradford Forster Square Railway Station
Air
Leeds/Bradford Airport
Situation
The property is situated in a prominent location towards the Western end of Kirkgate, between Queensgate & Albion Court. Kirkgate Shopping Centre is located opposite with nearby retailers including Primark, McDonald's, Sports Direct and Poundland.
Tenure
Freehold.
Location
Miles
9 miles west of Leeds, 30 miles north east of Manchester
Roads
A6177, A650, M606, M62
Rail
Bradford Interchange Railway Station, Bradford Forster Square Railway Station
Air
Leeds/Bradford Airport
Situation
The property is situated in a prominent location towards the Western end of Kirkgate, between Queensgate & Albion Court. Kirkgate Shopping Centre is located opposite with nearby retailers including Primark, McDonald's, Sports Direct and Poundland.
Tenure
Freehold.
Description
The property comprises three separate shops arranged on the ground & first floors fronting Kirkgate and a live music venue arranged on the ground and lower ground floors fronting Queensgate.
VAT
VAT is applicable to this lot.
Note
Please note the buyer will pay 1% excluding VAT of the purchase price towards the vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
6 week completion.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises three separate shops arranged on the ground & first floors fronting Kirkgate and a live music venue arranged on the ground and lower ground floors fronting Queensgate.
VAT
VAT is applicable to this lot.
Note
Please note the buyer will pay 1% excluding VAT of the purchase price towards the vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
6 week completion.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
51-53 Kirkgate
Ground First
Retail/Ancillary Ancillary
382.30 237.74
(4,115) (2,559)
RSPCA (1)
10 years from 22/02/2022 (2)
£10,000
22/02/2027
57 Kirkgate
Ground First
Retail/Ancillary Ancillary
358.51 266.07
(3,859) (2,864)
SAVERS HEALTH & BEAUTY LIMITED (3)
10 years from 10/02/2020 (4)
£35,000 (5)
10/02/2025
59 Kirkgate
Ground First
Retail/Ancillary Ancillary
74.60 79.53
(803) (856)
E CIGARETTE OUTLET (UK) LIMITED (t/a EcigaretteOutlet)
4 years from 26/08/2020
£9,250
-
7-17 Queensgate
Ground Lower Ground
Leisure Leisure
527.32 344.39
(5,676) (3,707)
NIGHTRAIN ENTERTAINMENT LIMITED (t/a Nightrain)
10 years from 14/12/2018 (6)
£20,000
14/12/2023
Total
2,270.46
(24,439)
£74,250 (5)
(1) RSPCA are the world's oldest and largest animal welfare charity, with the primary focus of rescuing, rehabilitating and rehoming or releasing animals across England and Wales (www.rspca.org.uk) (2) The lease is subject to a tenant only option to break on 22/02/2025. (3) Savers are one of the largest health & beauty retailers in the world with over 500 stores throughout England, Scotland, Wales and Northern Ireland (www.savers.co.uk) (4) The lease is subject to a tenant only option to break on 09/02/2025 (5) The current rent reserved under the terms of lease is £15,000 per annum exclusive. The lease provides for the rent to increase to £32,500 pax on 10/02/2023, rising further to £35,000 pax on 10/02/2025. The seller will pay the buyer the difference between the current rent received and £35,000 per annum exclusive from completion of the sale until 10/02/2025. (6) The lease is subject to a tenant option to break on 14/12/2023
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.
