6/10 spurriergate, york...28/02/2011 27/02/2021 £147,300 ground floor sales itza basement first...
TRANSCRIPT
PRIME FREEHOLD RETAIL INVESTMENT FOR SALE
6/10 SPURRIERGATE, YORK
INTERNATIONALLY RENOWNED TOURIST DESTINATION AND HISTORICAL CATHEDRAL CITY
6/10 SPURRIERGATE | YORK
z York is an internationally renowned tourist destination and historic cathedral city attracting 6.9 million visitors per annum, contributing an estimated £608m per year (Visit York 2017) to the local economy.
z York’s 2018 retail expenditure totalled £1.694 billion and is forecast to grow at 2.9% pa over the coming 5 years, above the national average of 2.6%.
z Prime trading location on the pedestrianised Spurriergate opposite Zara, whilst in close proximity to H&M and TK Maxx. Sports Direct/Flannels are due to open in the former BHS soon.
z Freehold parade comprising 8,461 sq ft (786 sq m) of retail accommodation with potential for residential conversion on the upper parts, subject to planning.
z We are instructed to seek offers in excess of £3,400,000 (Three Million Four Hundred Thousand Pounds), subject to contract and exclusive of VAT which reflects a net initial yield of 7.51% after allowing for standard purchasers costs of 6.49%.
INVESTMENT SUMMARY
Huddersfield
6/10 SPURRIERGATE | YORK
LOCATIONThe city of York is a leading commercial and
administrative centre in North Yorkshire. The
historic City is home to the popular York Minster
and Roman Walls and is located 25 miles north
east of Leeds and 21 miles east of Harrogate
and 210 miles north of London.
York benefits from excellent communications
with the city’s ring road, the A64, leading directly
to the A1(M) motorway and further onto the
national motorway network.
Leeds Bradford International Airport is located
24 miles south west and offers direct flights to
over 75 international destinations.
York benefits from excellent transport
communications via rail on the East Coast
Mainline with direct services to Manchester
(1 hour 17 minutes), Edinburgh (2 hours 30
minutes), Leeds (23 minutes) and London Kings
Cross (1 hour 53 minutes).
A64
A64
A19
M62
M18
M62
M1
A19
6/10 SPURRIERGATE | YORK
DEMOGRAPHICSYork has a primary catchment population of 307,000 persons,
of which 60% are categorised within the most affluent ABC1
social groups. (PROMIS, 2018).
Total retail expenditure was estimated at £1.694 billion in 2018
and is forecast to grow at 2.9% per annum between 2018 and
2023, above the Promis average of 2.6% (PMA) and ranking
47th by this measure. This spending is supported by
circa 24,000 students studying at either The University of York
or York St John University.
Visit Yorkshire reported in February 2017 that annual visitor spend
was up 6% to £608 million on the previous year. Visitor numbers
are up 1.5% to 6.8 million and the number of jobs supported by
tourism has increased by 6% to 20,300, accounting for 1 in 5 jobs
in the City.
PRIMARY CATCHMENT POPULATION
TOTAL ESTIMATED RETAIL EXPENDITURE
York city centre has an approximate total retail
floorspace of 1.5 million sq ft (139,350 sq m).
The prime retailing is traditionally concentrated
along the pedestrianised Coney Street/ Spurriergate
where multiple retailers who have representation
include Boots, Zara, WH Smith and H&M. The prime
retailing is further complemented by Davygate,
Stonegate and Low Petergate. The streets interlink
together to create an extensive, vibrant and
aesthetically pleasing retail environment.
Anchor retailers in the city include Browns
Department Store, Debenhams, Fenwicks,
Primark and Marks and Spencer.
The city ranks 18th and 17th on the PMA Fashion
and Retail score respectively (PROMIS 2018).
The city has limited managed floor space, which
is concentrated on the 160,000 sq ft Coppergate
Shopping Centre anchored by Fenwicks and Primark.
6/10 SPURRIERGATE | YORK
RETAILING IN YORK
SPURRIERGATE
CENTRE CAFE
POUNDLAND FONE HUB
TO BE
NORTH
6/10 SPURRIERGATE | YORK
For Identification purposes only
SITUATIONThe subject property is situated in a prime trading position on
Spurriergate, close to its junction with Coney Street and Market Street.
Major retailers in the immediate vicinity include Boots, Zara and H&M.
Sports Direct/Flannels have acquired the former BHS store on Coney
Street and are due to open shortly.
The property benefits from a strong pedestrian footfall which forms part
of the principal retail circuit which leads on to the Coppergate Centre.
The property is highlighted in blue on the attached goad plan extract.
DESCRIPTIONThe property comprises 2 retail units arranged over basement, ground
and 3 upper floors. Both units are currently arranged to provide
sales accommodation at ground floor level together with ancillary
accommodation at basement, first, second and third floor levels. Access
to the rear is available via Low Ousegate and Church Lane which
are both public highways. Both properties are Grade II listed and are
situated in a conservation area.
Address Tenant Lease Start Lease Expiry Rent (PAX)Floor Areas EPC Rating
SQ FT SQ M
6 Spurriergate, York
Adden Limited t/a Leia.Guarantor - Wacoal Europe Limited
20/09/2006 19/09/2021 £125,000
Ground Floor Sales ITZA Basement Ancillary First Floor Second Floor Third Floor
1,064 534 992 821 418 341
98.84 49.61 92.15 76.27 38.83 31.67
D99
Total 3,636 337.79
8/10 Spurriergate, York
Telefonica O2 UK Limited t/a O2
28/02/2011 27/02/2021 £147,300
Ground Floor Sales ITZA Basement First Floor Second Floor Third Floor
1,305 609 1,105 1,265 620 530
121.23 56.58 102.65 117.52 57.59 49.23
D99
Total 4,825 448.25
Total Rent £272,300 Total Floor Area 8,461 786.04
ACCOMMODATIONThe floor areas for the 2 properties are set out in the tenancy and
accommodation schedule below.
6/10 SPURRIERGATE | YORK
TENANCIESThe property is let to 2 tenants producing a current rent of £272,300 pa.
The wault is currently 2.09 years to expiry.
TENUREThe title to the whole property is freehold registered with title absolute on title
number NYK201475.
COVENANTLeia are a lingerie and swim wear designer and retailer. The company currently
trade from this store in York which deals with all of thier website sales and
distribution. O2 are a commercial brand of Telefonica UK Ltd and is a leading
digital communication company. O2 has over 450 stores in the UK and this is the
company’s only shop in York City Centre. The principal accounting information is
set out below.
Telefonica UK Limited
31/12/2015GBP
31/12/2016GBP
31/12/2017GBP
Experian Score
Turnover 5,393,000,000 5,241,000,000 5,471,000,000
96Pre-tax profit 1,405,000,000 545,000,000 534,000,000
Net Worth 647,000,000 516,000,000 543,000,000
Adden Limited
31/03/2016GBP
31/03/2017GBP
31/03/2018GBP
Experian Score
(Guarantor - Wacoal Europe Limited)
Turnover 3,824,000 3,259,000 3,601,000
49Pre-tax profit 515,000 283,000 5,000
Net Worth -2,262,000 -2,023,000 -2,013,000
Wacoal Europe Limited
31/12/2015GBP
31/12/2016GBP
31/12/2017GBP
Experian Score
Turnover - - -
100Pre-tax profit -204,000 2,713,000 9,670,000
Net Worth 3,067,000 5,829,000 15,400,000
6/10 SPURRIERGATE | YORK
EPCThe property has an EPC rating as detailed in the
tenancy and accommodation schedule. An EPC for
the property can be provided on request.
VATThe property is elected for VAT purposes. It is
anticipated that the investment sale will be treated
as a Transfer Of A Going Concern (TOGC).
PROPOSALWe are instructed to seek offers in excess of
£3,400,000 (Three Million Four Hundred Thousand
Pounds), subject to contract and exclusive of VAT,
which reflects a net initial yield of 7.51% after
allowing for standard purchasers costs of 6.49%. The
sale price will reflect a capital value of £402 per sq ft.
Recent transactions include the sale of 15/17 Market
Street York (Superdrug) in January 2019 for £4.675m
which reflected a net initial yield of 5.82% and a
capital value of c. £322 per sq ft.
6/10 SPURRIERGATE | YORK
Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements of representations of fact but satisfy
themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss has any authority to make or give any representation or warranty whatever in relation to this property. 101556. Designed by TCC 04/19.
For further information or to arrange
an inspection please do not hesitate to
contact:
PHILIP HAY
020 7637 [email protected]
MICHAEL JAMESON
020 7637 [email protected]
6/10 SPURRIERGATE | YORK