High Yielding Freehold City Centre Retail Investment
Two shops, let to Cooplands Bakery and a local Florist
Florist let on a new lease from August 2020
Approximately 506.70 sq m (5,454 sq ft)
Prominent corner position
Nearby retailers including Holland & Barrett,
The Works, Superdrug and Pandora
Lot 18
Auction 10th December 2020
Rent £32,500 per Annum Exclusive
Status Sold
Price £247,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
37 miles south-east of York
55 miles east of Leeds
Roads
A15, A63, M62, M180
Rail
Hull Paragon Interchange
Air
Humberside
Situation
Kingston-upon-Hull is a thriving east coast port, approximately 37 miles south-east of York. The property is situated in a prominent corner position on the north side of Whitefriargate, at its junction with Parliament Street. The property is approximately 250 metres from Princes Quay Shopping Centre, with nearby retailers including Holland & Barrett, The Works, Superdrug and Pandora.
Tenure
Freehold.
Location
Miles
37 miles south-east of York
55 miles east of Leeds
Roads
A15, A63, M62, M180
Rail
Hull Paragon Interchange
Air
Humberside
Situation
Kingston-upon-Hull is a thriving east coast port, approximately 37 miles south-east of York. The property is situated in a prominent corner position on the north side of Whitefriargate, at its junction with Parliament Street. The property is approximately 250 metres from Princes Quay Shopping Centre, with nearby retailers including Holland & Barrett, The Works, Superdrug and Pandora.
Tenure
Freehold.
Description
The property, which is Grade II listed, currently comprises two shops. 52 Whitefriargate comprises a ground floor shop with ancillary accommodation on the first floor. 53 Whitefriargate comprises a ground floor shop benefiting from a corner frontage with ancillary accommodation on the first and second floors.
VAT
VAT is applicable to this lot.
Note
Please note the buyer will pay 1.5% VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches.
Please see Special Conditions of Sale.
Completion Period
Six Week Completion.
EPC
See legal pack at www.acuitus.co.uk.
Description
The property, which is Grade II listed, currently comprises two shops. 52 Whitefriargate comprises a ground floor shop with ancillary accommodation on the first floor. 53 Whitefriargate comprises a ground floor shop benefiting from a corner frontage with ancillary accommodation on the first and second floors.
VAT
VAT is applicable to this lot.
Note
Please note the buyer will pay 1.5% VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches.
Please see Special Conditions of Sale.
Completion Period
Six Week Completion.
EPC
See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
52
Ground First
Retail Ancillary
122.20 sq m 55.90 sq m
(1,315 sq ft) (602 sq ft)
COOPLAND & SON (SCARBOROUGH) LIMITED (1)
Approximately 5 years and 4 months from 15/08/2017 until 24/12/2022
£18,500
53
Ground First Second
Retail Ancillary Ancillary
138.80 sq m 124.90 sq m 64.90 sq m
(1,494 sq ft) (1,344 sq ft) (699 sq ft)
L W GROUP LIMITED (t/a LW Plants & Design)
3 years from 28/08/2020 until 27/08/2023
£14,000 (3)
(1) For the year ending 31/03/2019, Coopland & Son (Scarborough) Limited reported a turnover of £50,172,831, pre-tax profits of £917,298 and total assets of £17,963,707 (NorthRow 17/11/2020). Coopland & Son operate from 166 locations across the UK (www.cooplands-bakery.co.uk). (2) www.lwplants.com (3) Under the terms of the lease, the tenant pays a peppercorn rent until 27/08/2021, rising to £7,000 pa on 28/08/2021 and £14,000 pa on 28/08/2022. The Vendor has agreed to adjust the completion monies, so that the property effectively produces £14,000 pa from completion of the sale until the fixed rental increase in 28/08/2022. A rent deposit of £3,500 + VAT is held by the Seller.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
