31 - 37 Westgate Wakefield West Yorkshire WF1 1JX

31 - 37 Westgate
Wakefield
West Yorkshire
WF1 1JX

Retail Parade Investment

  • Comprises an unbroken parade of 4 retail units
  • Prominent Pedestrianised location
  • Nearby occupiers include Sports Direct, Lloyds Bank, Superdrug and Specsavers
  • Producing £101,000 per annum exclusive (Gross) £76,750 (Net)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    76
  • Auction
    30th March 2017
  • Rent
    £76,750 per Annum Exclusive
  • Status
    Sold
  • Price
    £530,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
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  • Map

* More information on the term "guide" can be found here

Retail Parade Investment

  • Comprises an unbroken parade of 4 retail units
  • Prominent Pedestrianised location
  • Nearby occupiers include Sports Direct, Lloyds Bank, Superdrug and Specsavers
  • Producing £101,000 per annum exclusive (Gross) £76,750 (Net)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 76
  • Auction 30th March 2017
  • Rent
  • Status Sold
  • Price £530,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
8 miles south of Leeds, 5 miles east of Dewsbury
Roads
A1, M1, M62
Rail
Wakefield Westgate Railway Station
Wakefield Kirkgate Railway Station
Air
Leeds Bradford Airport
Situation

The property is situated in a prominent location on the south side of the pedestrianised part of Westgate, at its junction with Marygate. Nearby occupiers include Sports Direct, Lloyds Bank, Holiday Inn, Superdrug, Specsavers and TK Maxx.

Tenure

Long Leasehold. Held from The Council of The City of Wakefield for a term of 125 years from 1st July 1982 until 2107 at a current rent reserved of £24,250 per annum exclusive. The lease provides for the rent to be 25% of yearly rack rents or otherwise in accordance with schedule 4 of the Headlease if the tenant itself occupies.

Location
Miles
8 miles south of Leeds, 5 miles east of Dewsbury
Roads
A1, M1, M62
Rail
Wakefield Westgate Railway Station
Wakefield Kirkgate Railway Station
Air
Leeds Bradford Airport
Situation

The property is situated in a prominent location on the south side of the pedestrianised part of Westgate, at its junction with Marygate. Nearby occupiers include Sports Direct, Lloyds Bank, Holiday Inn, Superdrug, Specsavers and TK Maxx.

Tenure

Long Leasehold. Held from The Council of The City of Wakefield for a term of 125 years from 1st July 1982 until 2107 at a current rent reserved of £24,250 per annum exclusive. The lease provides for the rent to be 25% of yearly rack rents or otherwise in accordance with schedule 4 of the Headlease if the tenant itself occupies.

Description

The property comprises a parade of 4 ground floor retail units with ancillary accommodation on the first and second floors.

VAT

VAT is applicable to this lot.

Note

VAT is applicable to 33, 35 and 37, but not applicable to 31. It is anticipated that the sale of the entire property will be a Transfer of a Going Concern (TOGC) .

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 parade of 4 ground floor retail units with ancillary accommodation on the first and second floors.

VAT

VAT is applicable to this lot.

Note

VAT is applicable to 33, 35 and 37, but not applicable to 31. It is anticipated that the sale of the entire property will be a Transfer of a Going Concern (TOGC) .

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Reviews/(Reversion)
31
Ground
First
Second
Retail
Ancillary
Ancillary
156.10 sq m
Not Measured
Not Measured

(1,680 sq ft)
CORAL RACING LIMITED
(1)
10 years from 11/02/2013 (1)
£32,000
11/02/2018
(10/02/2023)
33
Ground
First
Second
Retail
Ancillary
Ancillary
155.89 sq m
52.49 sq m
57.04 sq m
(1,678 sq ft)
(565 sq ft)
(614 sq ft)
ROYAL MENCAP
SOCIETY, COMPANY NO.
00550457 AND CHARITY
NO. 222377 (2)
10 years from
02/12/2016 (2)
£23,500
02/12/2021
(01/12/2026)
35
Ground
Basement
First
Second
Retail
Ancillary
Ancillary
Ancillary
153.66 sq m
9.29 sq m
57.13 sq m
57.78 sq m
(1,654 sq ft)
(100 sq ft)
(615 sq ft)
(622 sq ft
SENSE, THE NATIONAL
DEAFBLIND AND
RUBELLA ASSOCIATION,
COMPANY NO. 01825301
AND CHARITY NO.
289868 (3)
10 years from
28/10/2016 (3)
£22,500
28/10/2021
(27/10/2026)
37
Ground
Basement
First
Second
Retail
Ancillary
Ancillary
Ancillary
129.41 sq m
490.79 sq m
39.02 sq m
55.83 sq m
(1,393 sq ft)
(5,283 sq ft)
(420 sq ft)
(601 sq ft)
UK FURNISHING
LIMITED
5 years from 10/10/2016 (4)
£23,000
(09/10/2021)
Totals  
1,414.43 sq m
(15,225 sq ft)
    £101,000
 

(1) For the year ending 26th September 2015, Coral Racing Limited reported a turnover of £667,786,000, pre-tax profits of £81,106,000 and a total net worth of £264,149,000 (Source: www.riskdisk.com 28/02/2017). The lease to Coral provides for a tenant option to determine the lease on 11/02/2019.
(2) Royal Mencap Society is a Registered charity (No. 222377) which was established in 1955. For the year ending 31st March 2016, Royal Mencap Society reported a pre-tax profit of £10,551,000 and a total net worth of £64,114,000 (Source: www.riskdisk.com 22/02/2017). The lease provides for a rent free period until 02/06/2017. The seller will pay the buyer a sum equivalent to the rent that would have been due under the terms of the lease in the absence of the rent free period. The lease also provides for a tenant option to determine the lease on 02/12/2021 and for the tenant to benefit from a three month rent free period in the event that the tenant option to determine is not exercised.
(3) Sense, The National Deafblind and Rubella Association was established in 1984. For the year ending 31st March 2016, Sense, The National Deafblind and Rubella Association reported a pre-tax profit of £615,068 and a total net worth of £34,289,436 (Source: www.riskdisk.com 22/02/2017). The lease provides for a tenant option to determine the lease on 28/10/2021.
(4) The lease to UK Furnishing Limited provides for a tenant option to determine the lease on 10/04/2018.

Property Documents

  • Catalogue Page
    Updated Date
    08.03.17
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    08.03.17
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Seller's Solicitors
Fieldfisher Riverbank House, 2 Swan Lane
London
EC4R 3TT
Mariana Burns 0207 861 4000mariana.burns@fieldfisher.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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