51 / 51a Whitefriargate Kingston-upon-Hull East Yorkshire HU1 2HP

51 / 51a Whitefriargate
Kingston-upon-Hull
East Yorkshire
HU1 2HP

Freehold Retail Investment

Let to New Look Retailers Limited and HMV Retail Limited
HMV have proposed new 5 year lease – see note (3)
Approximately 35,236 sq ft in prominent City Centre location
Located approximately 150 metres from Princes Quay Shopping Centre
Nearby occupiers include Marks & Spencer, Card Factory, Boots and Holland & Barrett

Lot
41
Auction
14th February 2018
Rent
£400,200 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of a Major Fund Manager

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Freehold Retail Investment

Let to New Look Retailers Limited and HMV Retail Limited
HMV have proposed new 5 year lease – see note (3)
Approximately 35,236 sq ft in prominent City Centre location
Located approximately 150 metres from Princes Quay Shopping Centre
Nearby occupiers include Marks & Spencer, Card Factory, Boots and Holland & Barrett

Lot 41
Auction 14th February 2018
Rent £400,200 per Annum Exclusive
Status Withdrawn Post
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of a Major Fund Manager

Property Information

Location

Miles: 38 miles south-east of York, 58 miles east of Leeds
Roads: A63, A1079
Rail: Hull Railway Station
Air: Doncaster/Sheffield Robin Hood Airport

Situation

The property is situated in a prominent position on the northern side of Whitefriargate, one of Hull's prime pedestrianised retail thoroughfares. The Princes Quay Shopping Centre is located some 150 metres from the property and is currently undergoing a £20m redevelopment scheme to deliver the UK's first full price/outlet hybrid scheme - for further information visit www.princesquay.com. Other nearby occupiers include Marks & Spencer, Card Factory, Boots and Holland & Barrett .

Tenure

Freehold.

Location

Miles: 38 miles south-east of York, 58 miles east of Leeds
Roads: A63, A1079
Rail: Hull Railway Station
Air: Doncaster/Sheffield Robin Hood Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor retail unit with first floor ancillary accommodation and benefits from loading to the rear via Alfred Gelder Street. There is also a substation located on site.

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 ground floor retail unit with first floor ancillary accommodation and benefits from loading to the rear via Alfred Gelder Street. There is also a substation located on site.

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.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reversion
51	Ground First	Retail Ancillary	1,376.31 sq m 1,251.64 sq m	(14,815 sq ft) (13,472 sq ft)	NEW LOOK RETAILERS LIMITED (1)	15 years from 06/02/2006	£280,000	05/02/2021
51a	Ground First	Retail Ancillary	530.4 sq m 115.2 sq m	(5,709 sq ft) (1,240 sq ft)	HMV RETAIL LIMITED (2) (3)	20 years from 01/06/1998	£120,000	31/05/2018
Substation (51)	-	-	-	-	NORTHERN POWERGRID (YORKSHIRE) PLC	40 years from 01/04/1988	£525	31/03/2028
Total			3,273.55 sq m	(35,236 sq ft)			£400,525

(1) For the year ending 26th March 2017, New Look Retailers Limited reported a turnover of £1,398,502,000, pre-tax profits of £84,987,000 and a total net worth of £361,242,000 (Source: Experian Group 22/01/2018). New Look began in 1969 as a single fashion store in the UK. From there, they have grown to become a leading fast-fashion brand, with 593 stores in the UK and over 297 across Europe, China and Asia (Source: www.newlook.com/uk 22/01/2018).
(2) HMV is a leading specialist retailer of music, film, games and technology products, with over 120 stores in the UK (Source:www.hmv.com 22/01/2018).
(3) HMV have served a s.26 notice proposing terms for a new 5 year lease from 1st June 2018 with a tenant’s break on 31st January 2021. See legal pack for full information.