5-6 Commercial Street Leeds West Yorkshire LS1 6AL

5-6 Commercial Street
Leeds
West Yorkshire
LS1 6AL

  • 5-6 Commercial Street<br>Leeds<br>West Yorkshire<br>LS1 6AL

Freehold Retail Investment in Leeds City Centre

  • Excellent pedestrianised retail location between the Trinity Leeds Shopping Centre and Briggate in Central Leeds
  • Rare Opportunity to purchase a well let Retail Investment in Leeds City Centre
  • Wholly let to Watches of Switzerland Company Limited trading as Goldsmiths
  • Renewed lease from June 2020 at a re-based rent of £162,500 per annum
  • Future potential residential conversion/development of upper parts (subject to lease and consents)
  • Neighbouring occupiers include Beaverbrooks, Ernest Jones, Rolex at Prestons, Omega and H Samuel
  • Lot
    11
  • Auction
    12/Jul/2022
  • Rent
    £162,500 per Annum Exclusive
  • Status
    Available
  • Price*
    £1,600,000 - £1,700,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • A Major Fund
Important Update
  • Expand
  • Photos
  • Map

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

Property Information

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

The property is prominently located in a very busy retail pitch in Leeds city centre which is predominantly occupied by jewellery stores. The unit is situated equidistant between Briggate to the east and the north entrance to the Trinity Leeds shopping centre to the west. Nearby occupiers include Beaverbrooks, Ernest Jones, Rolex at Prestons, Omega and H Samuel.

Tenure

Freehold. The Seller will also transfer whatever right Title and interest (if any) that it holds in respect of the basement vaults which are located outside the registered Title beneath the pavement on Commercial Street.

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

The property is prominently located in a very busy retail pitch in Leeds city centre which is predominantly occupied by jewellery stores. The unit is situated equidistant between Briggate to the east and the north entrance to the Trinity Leeds shopping centre to the west. Nearby occupiers include Beaverbrooks, Ernest Jones, Rolex at Prestons, Omega and H Samuel.

Tenure

Freehold. The Seller will also transfer whatever right Title and interest (if any) that it holds in respect of the basement vaults which are located outside the registered Title beneath the pavement on Commercial Street.

Description

The property comprises a mid-terrace retail building over ground, basement, first, second and third floors. The ground and first floors are used for retail purposes with ancillary accommodation over basement, second and third floors. The retail areas have been fitted out in accordance with the tenants high standards.

VAT

VAT is applicable to this lot.

Planning

The property is situated within the Leeds city centre Central Area Conservation Area. Further details are available at https://www.leeds.gov.uk/planning/conservation-protection-and-heritage/conservation-area

Completion Period

6 Week Completion Available.

EPC

See Legal Pack.

Description

The property comprises a mid-terrace retail building over ground, basement, first, second and third floors. The ground and first floors are used for retail purposes with ancillary accommodation over basement, second and third floors. The retail areas have been fitted out in accordance with the tenants high standards.

VAT

VAT is applicable to this lot.

Planning

The property is situated within the Leeds city centre Central Area Conservation Area. Further details are available at https://www.leeds.gov.uk/planning/conservation-protection-and-heritage/conservation-area

Completion Period

6 Week Completion Available.

EPC

See Legal Pack.

Tenancy & Accommodation

Floor Use Floor Areas
Approx sq m
Floor Areas
Approx sq ft
Tenant Term Rent p.a.x. Rent Review/ (Break Option)
Ground
Basement
First
Second
Third
Retail
Ancillary
Retail
Ancillary
Ancillary
144.28
181.57
128.07
114.81
106.51
(1,553)
(1,954)
(1,379)
(1,236)
(1,146)
Watches of Switzerland Company Limited (1) 10 years from 24/06/2020 and expiring 23/06/2030
£162,500 (4)
24/06/2025 (2) (3)
Total  
675.24
(7,268)
   
£162,500
 

(1) For the year ending 2nd May 2021, Watches of Switzerland Company Limited reported a turnover of £603,430,000, a pre-tax profit of £18,819,000 and a net worth of £164,705,000 (Source: NorthRow Company Report as at 06/06/2022) Founded in 1924, Watches of Switzerland has been retailing the world’s finest watches for almost 100 years. There are 15 Watches of Switzerland showrooms across the UK, including dedicated Rolex and Jaeger-LeCoultre boutiques.
(2) The lease provides for a tenant option to determine on 23/06/2025 subject to 6 months notice and a rent penalty equal to 6 months rent.
(3) The rent review is an upwards only open market rent review (to be reviewed to the higher of the previous passing rent and the open market rent).
(4) The rent is payable quarterly in advance under the lease but the tenant has a rental concession for itself and any group company assignee to pay monthly in advance on the first day of each month.

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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    30.06.22
    File Size
    18 MB
    Login to View
  • Brochure
    Updated Date
    22.06.22
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Charlie PowterCharlie Powter +44 (0)20 7034 4853 +44 (0)7768 120 904charlie.powter@acuitus.co.uk
Jon SkerryJon Skerry +44 (0)20 7034 4863 +44 (0)7736 300 594jon.skerry@acuitus.co.uk
Seller's Solicitors
Eversheds Sutherland LLP Bridgewater Place
Leeds
LS11 5DR
Julie Morrison 020 7919 4500JulieMorrison@eversheds-sutherland.com  John Marshall 44 113 200 4481JohnMarshall@eversheds-sutherland.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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