Property Auctions 31/Mar/2022 | Rhodes House, 97-119 Vicar Lane & 18 Harrison Street, Leeds, LS1 6PJ

Substantial High Yielding Retail Parade in Leeds City Centre

Substantial parade comprising three oriental supermarkets, a hair & beauty salon and two electrical appliance/audio visual shops
Fully let to tenants trading as Nong Fern Supermarket, Hang Sing Hong Oriental Supermarket, Regency Smart Supermarket, Sony Centre, Saks Hair & Beauty and Crompton & Moore
Includes new 15 year unbroken lease to Taste The Orient Supermarket who recently expanded into adjoining shops
Landmark City Centre building close to The Corn Exchange, Kirkgate Market and the City's Victoria Quarter
Nearby occupiers include John Lewis (Victoria Gate), Flannels, The North Face, Tesco Express and several independent Oriental Restaurants
Opposite Templar Street Car Park and Edward Street Car Park

Lot 11
Auction 31st March 2022
Rent £361,110 per Annum Exclusive
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 15 miles south Harrogate, 26 miles south-west of York
Roads: M1, M62, M621
Rail: Leeds
Air: Leeds Bradford Airport

Situation

The property is situated on Vicar Lane which runs between The Headrow and Eastgate, and close to Briggate, in a well established part of Leeds City Centre. Vicar Lane sits between the Victoria Quarter and the new Victoria Gate (John Lewis) development, with nearby occupiers including Flannels, The North Face and Tesco Express. Opposite the property are Templar Street & Edward Street car Parks and the Grand Theatre & Opera House is directly behind. Kirkgate Indoor Market is a short walk away.

Tenure

Virtual Freehold. Term of 999 years from 13/10/1999 at a peppercorn rent.

Location

Miles: 15 miles south Harrogate, 26 miles south-west of York
Roads: M1, M62, M621
Rail: Leeds
Air: Leeds Bradford Airport

Situation

The property is situated on Vicar Lane which runs between The Headrow and Eastgate, and close to Briggate, in a well established part of Leeds City Centre. Vicar Lane sits between the Victoria Quarter and the new Victoria Gate (John Lewis) development, with nearby occupiers including Flannels, The North Face and Tesco Express. Opposite the property are Templar Street & Edward Street car Parks and the Grand Theatre & Opera House is directly behind. Kirkgate Indoor Market is a short walk away.

Tenure

Virtual Freehold. Term of 999 years from 13/10/1999 at a peppercorn rent.

Description

The Property comprises a substantial retail parade arranged on the ground and mezzanine floors comprising three oriental supermarkets, a hair & beauty salon and two electrical appliance/audio visual shops. The property also comprises a shop on Harrison Street sold off on a long lease. The property benefits from a service yard to the rear.

Above the parade is a substantial Travelodge Hotel, which does not form part of the sale.

VAT

VAT is applicable to this lot.

Completion Period

6 Week Completion

EPC

See legal pack.

Description

The Property comprises a substantial retail parade arranged on the ground and mezzanine floors comprising three oriental supermarkets, a hair & beauty salon and two electrical appliance/audio visual shops. The property also comprises a shop on Harrison Street sold off on a long lease. The property benefits from a service yard to the rear.

Above the parade is a substantial Travelodge Hotel, which does not form part of the sale.

VAT

VAT is applicable to this lot.

Completion Period

6 Week Completion

EPC

See legal pack.

Tenancy & Accommodation

Address	Floor	Use	Floor Areas (Approx sq m)	Floor Areas (Approx sq ft)	Tenant	Term	Rent p.a.x.
97/99 Vicar Lane	Ground Mezzanine	Retail/Ancillary Spa	119.39 sq m 119.29 sq m	(1,285 sq ft) (1,284 sq ft)	OLD SIAM SUPERMARKETS LIMITED (1) (t/a Nong Fern Thai Supermarket)	10 years from 02/12/2013 to 01/12/2023	£36,000
101 & 103 Vicar Lane	Ground Mezzanine	Retail/Ancillary Ancillary	206.97 sq m 119.97 sq m	(2,228 sq ft) (1,291 sq ft)	SONITECH LIMITED (2) (t/a Leeds Sony Centre)	5 years from 15/06/2018 to 14/06/2023	£40,000
105 Vicar Lane	Ground Mezzanine	Retail/Ancillary Ancillary	94.50 sq m 78.80 sq m	(1,017 sq ft) (848 sq ft)	YORK REGENCY ASSOCIATES LIMITED (3) (t/a Regency Smart Supermarket)	5 years from 08/01/2019 to 07/01/2024	£28,000
109 Vicar Lane (Unit 1)	Ground Mezzanine	Retail/Ancillary Retail/Ancillary	183.18 sq m 197.51 sq m	(1,971 sq ft) (2,126 sq ft)	G & C MILLINGTON (4) (t/a Millies Saks Hair & Beauty)	15 years from 24/06/2008 to 23/06/2023	£40,000
111 Vicar Lane (Unit 2)	Ground Mezzanine	Retail/Ancillary Ancillary	191.06 sq m 101.71 sq m	(2,057 sq ft) (1,095 sq ft)	CRAMPTON & MOORE (TELEVISION) LIMITED (t/a Crampton & Moore)	10 years from 11/05/2009 to 10/05/2019 (Holding Over)	£42,000
113-119 Vicar Lane (Units 3-6)	Ground Mezzanine	Retail/Ancillary Retail/Ancillary	858.53 sq m 332.67 sq m	(9,241 sq ft) (3,580 sq ft)	HANG WON HONG (LEEDS) LIMITED (5) with a guarantee from Y.JIANG (t/a Taste the Orient)	15 years from 30/09/2021 to 29/09/2036 with rent reviews on 30/09/2026 & 30/09/2031	£175,000 (6)
18 Harrison Street (Formerly known as Unit 6 Harrison Street)	Ground/Mezzanine	Retail/Ancillary	-	-	PARK LANE PROPERTIES (LEEDS) LIMITED	999 years less 10 days from 13/10/1999	£10.00
Total			2,603.32 sq m	(28,023 sq ft)			£361,110

(1) www.nongfernthai.co.uk. A rent deposit of £18,000 plus VAT is held.
(2) www.centresdirect.co.uk. Sony Centre trade from 17 stores in the UK.
(3) www.regencyshop.co.uk
(4) www.milliesleeds.co.uk
(5) www.hangsinghong.com. Taste the Orient has been trading as an oriental supermarket in Leeds for decades. The tenant previously occupied 117-119 Vicar Lane and recently expanded into 113-115 Vicar Lane. The tenant is currently shop fitting.
(6)The tenant benefits from half rent until 30/09/2022, after which the rent reverts to £175,000 per annum. The Seller will make an allowance on completion of the sale to £175,000 per annum - please see Special Conditions of Sale.

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.