Freehold Retail and Residential Ground Rent Investment
Prime Cathedral City Centre location
Prominent retail unit let to New Look with substantial frontage
Approximate floor area of 1,144.15 sq m (12,315 sq ft)
Busy City Centre location close to York Museum Gardens and York Railway Station
Nearby occupiers Pizza Express, McDonalds, The Ivy, HMV and Costa Coffee
Lot 17
Auction 13th July 2023
Rent £115,000 per Annum (2)
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Global Real Estate Investment Firm
Property Information
Location
Miles
19 miles east of Harrogate, 24 miles north-east of Leeds, 55 miles north-east of Manchester
Roads
A19, A59, A64, A1237, A1(M)
Rail
York Railway Station
Air
Leeds Bradford International Airport
Situation
York is an attractive and historic Cathedral City in North Yorkshire. York is a highly popular world renowned tourist destination with its famous minster and an eclectic mix of restaurants and medieval architecture. The property is prominently situated, with a substantial frontage onto Blake Street. The locality benefits from a close proximity to York Museum Gardens, York Railway Station and York Cathedral. Nearby occupiers include Pizza Express, McDonalds, The Ivy and several boutique hotels, restaurants and cafes.
Tenure
Freehold.
Location
Miles
19 miles east of Harrogate, 24 miles north-east of Leeds, 55 miles north-east of Manchester
Roads
A19, A59, A64, A1237, A1(M)
Rail
York Railway Station
Air
Leeds Bradford International Airport
Situation
York is an attractive and historic Cathedral City in North Yorkshire. York is a highly popular world renowned tourist destination with its famous minster and an eclectic mix of restaurants and medieval architecture. The property is prominently situated, with a substantial frontage onto Blake Street. The locality benefits from a close proximity to York Museum Gardens, York Railway Station and York Cathedral. Nearby occupiers include Pizza Express, McDonalds, The Ivy and several boutique hotels, restaurants and cafes.
Tenure
Freehold.
Description
The property comprises a substantial ground floor retail unit of approximately 1,144.15 sq m (12,315 sq ft) with a significant frontage on Blake Street. The upper parts form part of a highly attractive and modern residential development of 15 one and two bed town house units.
There is a small internal fire route and common area to the rear of the New Look store with a right of escape for neighbouring occupiers during trading hours. Please see legal pack for further information.
The sale also includes a ground floor shop to the rear of the property accessed via the pedestrianised Stonegate. The residential accommodation and rear ground floor shop have been sold off on long leases.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial ground floor retail unit of approximately 1,144.15 sq m (12,315 sq ft) with a significant frontage on Blake Street. The upper parts form part of a highly attractive and modern residential development of 15 one and two bed town house units.
There is a small internal fire route and common area to the rear of the New Look store with a right of escape for neighbouring occupiers during trading hours. Please see legal pack for further information.
The sale also includes a ground floor shop to the rear of the property accessed via the pedestrianised Stonegate. The residential accommodation and rear ground floor shop have been sold off on long leases.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
(1) New Look is a British global fashion retailer operating from approximately 570 locations (www.newlook.com). For the year ending 26/03/2022 New Look Retailers Ltd reported a Turnover of £818,832,000 and a Pre-Tax Profit of negative £1,579,000 (NorthRow 16/06/2023). (2) The passing rent of the property is £115,000 per annum or 8% of the tenants net turnover at the property, whichever is the greater. (3) In relation to Unit 4 Stonegate Walk, the tenant has now been dissolved and currently the Seller is paying the vacant rates and service charge attributed to this unit. Full information is available within the legal pack. (4) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk)
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.
