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19 & 26 November 2024 19 November 2024 - 9:00am >
Lot 93
19 & 26 November 2024: Tuesday 19 November 2024 - 9:00am
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Guide price
TBA
Hammer price
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Sold
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Key features
- Stepped rent increases in 2025, 2026 & 2027 with total rent rising from £276,314 p.a. to £391,314 p.a. ** Vendor to top up rent
- Comprising of 5 x retail units (fully let) & 1 kiosk (vacant)
- An approx. WAULT of 16.27 years on lease term*
- The property also includes offices, basement car park and a block of flats (sold off on long lease)
- Instant asset management potential in letting out the vacant Kiosk
- An approx. 25,771 sq ft
- Located in the affluent & desirable town of Harrogate
- 8 week completion available
- On behalf of a Major Fund
- Please click here for the legal pack
- A passing rent of £391,314 p.a.** (14.22% GIY on guide)
Description
Please click here for the legal pack
The property consists of 5 x retail units (1 tenant trading from a double fronted unit) & 1 kiosk. The retail units comprise of ground and first floor levels with Units 1, 2 & 5 also having outside terrace space connected to the retail units. There is vacant Kiosk that offers instant asset management potential to let out in its current format.
There is also a residential tower block and 2nd floor office space that have been sold off on a long lease. There is basement parking used by the residential Manco Harrogate House (Maintenance) Limited under the long lease.
Current occupiers from Harrogate House include Nando's, Mojo, Manahatta (not in occupation) and soon to be joining The Mayfair (Multiple site operator).
Nearby occupiers include All Bar One, 5 Guys, Wagamama, The Ivy, Weatherspoon's, Travelodge (Adjacent) as well as a wide range of local and independent retailers.
Additional information
Tenure
Freehold
Accommodation
Please refer to Accommodation and Tenancy schedule
Tenancy
Please refer to Accommodation and Tenancy schedule
Unit 1
- A lease has completed with Mayfair Harrogate Ltd TA The Mayfair
- Stepped rent increases £80,000 p.a. Year 1, £82,500 p.a. Year 2 and £85,000 p.a. Year 3-5
- 9 months rent free followed by a period of 11 months half rent commencing on the earlier of occupation and lease completion (the 9 month rent free period will stop on 11/05/2025)
- The vendor will be topping up the rent from completion of the sale until expiry of the rent free, half rent free periods and stepped rent increases
- Tenant is currently fitting out
Unit 2
- Let to Arc Inspirations Ltd TA Manahatta (not in occupation)
- An assignment of the lease is ongoing
- The proposed assignee is Innspired Leisure (Harrogate) Limited t/a Katie O’Brien’s. Their guarantor is Innspired Leisure (Durham) Limited.
Unit 3
- Let to Nando's Chicken land Ltd TA Nando's
Unit 4 & 5
- Let Voodoo Doll Ltd TA Mojo
- Stepped rent increases from £80,000 to £110,000 on 22/04/2025
- The vendor will top up the rent from completion to the start of the stepped rent increase
Rent
Passing rent of £391,314 **
Notes
Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.
** There is a difference in the current rent of £276,314 p.a. and the passing rent of £391,314 p.a. as the vendor will be topping up the rent for unit 1 and units 4&5. Please note that the tenant of Unit 1 is currently fitting the property out.
* WAULT Based on unit 1 term starting in November 2024
We have been advised that there is VAT on the sale price; however the sale can potential be treated as a TOGC (Please refer to the legal pack)
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