Freehold Retail Investment with Residential Potential
Tenants include Age Concern (Bradford & District) and RSPCA (Bradford & District Branch)
Comprises 3 retail units with Residential Redevelopment Potential of vacant upper floors - no empty rates (subject to consents)
Prominent corner position in City Centre some 50m from Kirkgate and 100m from the Major New 82 unit Broadway (Westfield) Shopping Centres
Nearby occupiers include Superdrug, Waterstones, McDonalds and Primark
Currently producing £29,000 p.a.x. with Vacant Upper Parts
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 85
Auction 19th May 2016
Rent £29,000 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
9 miles west of Leeds, 38 miles north-east of Manchester
Roads
A650, A658, M606
Rail
Bradford Forster Square Railway Station
Air
Leeds Bradford Airport
Situation
The property is situated in a prominent corner location on the north side of pedestrianised Kirgate and at its junction with Piccadilly in Bradford City Centre. The property is prominently situated on the pedestrian route between the Kirkgate Shopping centre (50m west) and the major new Broadway Shopping Centre (100m east). Nearby occupiers include Superdrug, Waterstones, McDonalds and Primark.
Tenure
Freehold.
Location
Miles
9 miles west of Leeds, 38 miles north-east of Manchester
Roads
A650, A658, M606
Rail
Bradford Forster Square Railway Station
Air
Leeds Bradford Airport
Situation
The property is situated in a prominent corner location on the north side of pedestrianised Kirgate and at its junction with Piccadilly in Bradford City Centre. The property is prominently situated on the pedestrian route between the Kirkgate Shopping centre (50m west) and the major new Broadway Shopping Centre (100m east). Nearby occupiers include Superdrug, Waterstones, McDonalds and Primark.
Tenure
Freehold.
Description
The property, a Grade II Listed building, comprises 3 ground floor retail units with former self-contained office accommodation on the first to third floors, accessed from Piccadilly. The upper floors may be suitable for alternative uses including residential redevelopment, subject to consents.
Planning
Plans for an indicative residential scheme to convert the upper floors to 14 apartments are available in the legal pack (subject to consents). We understand that the property is situated within the Bradford City Centre Growth Zone, an initiative set up to support business growth by providing a range of incentives. Please see http://www.investinbradford.com for further details. We understand that the property is also located in a Business Premises Renovation Allowance (BPRA) Zone which provides an initial allowance of 100% of expenditure for converting or renovating qualifying premises.
Please see HM Government website http://www.gov.uk/guidance/business-premises-renovation-allowancebpra for more details.
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, a Grade II Listed building, comprises 3 ground floor retail units with former self-contained office accommodation on the first to third floors, accessed from Piccadilly. The upper floors may be suitable for alternative uses including residential redevelopment, subject to consents.
Planning
Plans for an indicative residential scheme to convert the upper floors to 14 apartments are available in the legal pack (subject to consents). We understand that the property is situated within the Bradford City Centre Growth Zone, an initiative set up to support business growth by providing a range of incentives. Please see http://www.investinbradford.com for further details. We understand that the property is also located in a Business Premises Renovation Allowance (BPRA) Zone which provides an initial allowance of 100% of expenditure for converting or renovating qualifying premises.
Please see HM Government website http://www.gov.uk/guidance/business-premises-renovation-allowancebpra for more details.
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit No.
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
32 Kirkgate
Ground Basement
Retail Ancillary
89.91 sq m 62.22 sq m
(968 sq ft) (670 sq ft)
AGE CONCERN (BRADFORD & DISTRICT) (1) (2)
10 years from 13/05/2010
£20,000
13/05/2015 (3) (12/05/2020)
1 Piccadilly
Ground Basement
Retail Ancillary
47.60 sq m 36.10 sq m
(512 sq ft) (389 sq ft)
RSPCA (BRADFORD & DISTRICT BRANCH) (5)
10 years from 01/02/2008 (5)
£9,000
(31/01/2018)
3 Piccadilly
Ground Basement
Medical Ancillary
138.31 sq m 158.21 sq m
(1,489 sq ft) (1,703 sq ft)
DR A KOHLI
150 years from 01/01/2011
Peppercorn
Upper Floors
First Second Third
Former Office Former Office Ancillary
253.01 sq m 260.22 sq m 105.15 sq m
(2,723 sq ft) (2,801 sq ft) (1,132 sq ft)
VACANT POSSESSION
Totals
528.83 sq m
(5,692 sq ft)
£29,000
(1) In 2009, Age Concern England and Help the Aged merged and are now known as Age UK. For the year ending 31st March 2015, Age UK reported pre-tax profits of £2,074,000 and a total net worth of £29,719,000. (Source: www.riskdisk.com 11/04/2016). (2) The lease is outside the Security of Tenure Provision of the Landlord & Tenant Act 1954. (3) The seller has served a notice in respect of the May 2015 Rent Review proposing a new rent of £35,000 p.a.x. (4) The RSPCA was founded in 1824 and operates from some 215 shops. (Source: www.rspcs.org.uk). (5) The RSPCA has registered an interest in retaining a presence at the property beyond the end of their lease in 2018.
