97-98 Westborough
Scarborough
North Yorkshire
YO11 1LD

Freehold Retail Investment

  • New lease from October 2020, expiring in January 2023
  • Modest rebased rent
  • Property let subject to mutual rolling break options, with 3 months notice, outside the provisions of the Landlord and Tenant Act 1954
  • Tenant in occupation since 1998
  • Large double-fronted shop with upper parts - circa 5,229 sq ft
  • Of interest to investors, owner occupiers and developers with possible change of use opportunities
  • Nearby occupiers include Holland & Barrett, Next, O2, Trespass, Boots, Superdrug and WHSmith
  • Lot
    28
  • Auction
    28/Oct/2020
  • Rent
    £25,000 per Annum Exclusive
  • Status
    Sold
  • Price*
    £292,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • On Behalf of a Real Estate Investment Trust
Important Auction & Property Update
  • 97-98 Westborough<br>Scarborough<br>North Yorkshire<br>YO11 1LD
  • Expand
  • Photos
  • Map

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

Property Information

Location
Miles
17 miles north of Bridlington
42 miles north-east of York
Roads
A64, A165, A170
Rail
Scarborough
Air
Durham
Situation

Scarborough is a popular seaside destination on the North East coast of England. The property is located on the north side of the pedestrianised Westborough, opposite the Brunswick Shopping Centre, with retailers including Holland & Barrett, Next, O2 and Trespass. Other nearby retailers include Boots, Superdrug and WHSmith.

Tenure

Freehold.

Description

The property comprises a large prominent, double-fronted shop with three storeys, arranged as a ground floor shop, with ancillary accommodation on first and second floors.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band D. Please see legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.x
Ground
First
Second
Retail/Ancillary
Ancillary
Ancillary
205.30 sq m
174.70 sq m
102.90 sq m
(2,209 sq ft)
(1,880 sq ft)
(1,140 sq ft)
WATERSTONES
BOOKSELLERS
LIMITED (1)
A term of years from
03/10/2020 expiring
08/01/2023 (2) on a full
repairing and insuring
lease
£25,000
Total
485.90 sq m
(5,229 sq ft)   £25,000

(1) For the year ending 27th April 2019, Waterstones Booksellers Limited reported a total turnover of £392,776,000, pre-tax profits of £27,702,000 and shareholders funds of £40,159,000 (source: SmartSearch 25/09/2020).
(2) The property was let by way of a lease renewal for a term of 10 years from 05/02/2015 expiring on 04/02/2025 with a tenant only break option on 04/02/2020. The lease was re-geared in February 2020 for a term of 3 years at £45,000 pa with mutual break options exercisable on 6 months notice. The tenant served notice to vacate in March 2020, terminating the lease in October 2020.
The new lease has been completed commencing on 03/10/2020, to expire on 08/01/2023 subject to mutual rolling break options on 3 months notice. Neither party can exercise the break clause between 1st December and 15th January in any given year of the term.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    23.10.20
    File Size
    17 MB
    Login to View
  • Catalogue Page
    Updated Date
    07.10.20
    File Size
    6 MB
    View PDF
  • Site Plan
    Updated Date
    07.10.20
    File Size
    866 KB
    View PDF
  • Common Auction conditions
    Updated Date
    01.07.20
    File Size
    277 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    07.10.20
    File Size
    1,016 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
DWF LLP Bridgewater Place, Water Lane
Leeds
Yorkshire
LS11 5DY
Helen Pashley 0113 261 6562helen.pashley@dwf.law

Useful Links

By clicking the Submit button I confirm that I would like to register my interest in this Property. Please email me updates when they are published.

If you have a query, please fill in the box below, otherwise click the Submit button.

You have 200 character(s) left.

Are you sure you want to remove this property from My Catalogue?

Are you sure you are no longer interested in this property?

Are you sure you want to delete your Account?

Making the buying and selling of property a seamless experience
Everything you need to know whether you are a buyer or sellerHelp Centre
How can Acuitus Finance help you with bridging finance
How can Acuitus Finance help you with bridging financeObtain bridging finance now