VICTORIA COURT - PRIME MIXED-USE INVESTMENT - Cushman ...
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VICTORIA COURT
THE HORSEFAIR | WETHERBY | LS22 6JA
PRIME MIXED-USE INVESTMENT
VICTORIA COURT
THE HORSEFAIR | WETHERBY | LS22 6JA
INVESTMENT SUMMARY
• Opportunity to acquire a prime food store investment in Wetherby • Generating a total income of £233,500 per annum
• Situated on The Horsefair adjacent to the High Street in the heart of • Over 80% of income contracted to the 5A 2 covenant of Marks and
Wetherby, a popular and affluent market town Spencer plc, with over 10 years remaining on the lease
• Seeking offers in excess of £3,500,000 (Three Million, Five Hundred
• The property provides a food store at ground level with 24 apartments Thousand Pounds), exclusive of VAT
over three upper floors (sold off on 999-year leases), together with a
detached two-storey restaurant unit • A purchase at this level reflects a Net Initial Yield of 6.25% assuming
standard purchaser’s costs of 6.50%
VICTORIA COURT
THE HORSEFAIR | WETHERBY | LS22 6JA
VICTORIA COURT
LOCATION
Wetherby is a small affluent market town in West Yorkshire with a
population of 19,979 (2011 Census), located close to the border of North
Yorkshire on the banks of the River Wharfe. RICHMOND
The town is situated approximately 11 miles north east of Leeds, CATTERICK A19
7 miles south east of Harrogate and 12 miles west of York, ideally located
NORTHALLERTON
and well sought after by commuters.
LEYBURN A1(M)
Wetherby is positioned adjacent to the A1 (M), which can be easily
accessed from Junctions 45 and 46. The A58 provides direct access from
PICKERING
Wetherby to Leeds City Centre, Harrogate is accessed by the A661, and THIRSK
York via York Road (B1224), with approximate drive times of 30 minutes,
A168
20 minutes and 25 minutes respectively.
Wetherby benefits from its own designated bus station, with regular RIPON A19 MALTON
services to nearby towns and cities. EASINGWOLD
A1(M)
SITUATION
The Horsefair is the site of the old cattle market, and is therefore located KNARESBOROUGH
centrally within the town, close to the popular High Street. The subject A59 HARROGATE A59
property is located opposite the ‘Cluster of Nuts’ car park, which is free YORK
SKIPTON
to use and serves the town centre. POCKLINGTON
ILKLEY WETHERBY
Road access to the courtyard area is via Victoria Street. It can be OTLEY
accessed on foot from the High Street (Via Cattle Market Walk), from KEIGHLEY TADCASTER
LEEDS & BRADFORD MARKET WEIGHTON
The Horsefair (Via Teasdale & Metcalfe Walk) and from Nags Lane. AIRPORT
A19
A629
Directly opposite the subject property is The Horsefair Shopping Centre, SHIPLEY
comprising 26 retail units, open 7 days a week. Occupiers include Argos,
BRADFORD LEEDS M1 GARFORTH SELBY
Boots, Holland & Barrett, New Look, Greggs, Costs and The Card Factory, A63
M62
plus several more household names.
HALIFAX M62 CASTLEFORD
BATLEY GOOLE
DEWSBURY
PONTEFRACT
WAKEFIELD
M62 A1 M18
HUDDERSFIELD SCUNTHORPE
A628
M180
A635
DONCASTER
M1
A628
DONCASTER SHEFFIELD
STOCKSBRIDGE AIRPORT
VICTORIA COURT THE HORSEFAIR | WETHERBY | LS22 6JA DESCRIPTION The property comprises two separate buildings; a purpose-built four storey development, constructed in 2006, providing a food store at ground level and 24 apartments arranged over the first, second and third floors, together with a detached two-storey restaurant unit. The two buildings are arranged around a central courtyard and car park, providing a total of approximately 40 parking spaces which service the food store and restaurant unit, as well as parking provision for the residential units. ACCOMMODATION Food store Area SQ M SQ FT Sales Area 673.55 7,250 Back of house (incl. Plant) 317.64 3,419 Total 991.19 10,669 Restaurant Area SQ M SQ FT Ground floor 154.66 1,665 First floor 84.07 905 Total 238.73 2,570
VICTORIA COURT
THE HORSEFAIR | WETHERBY | LS22 6JA
TENURE
Freehold.
SERVICE CHARGE
There is a service charge in place which covers the maintenance of
the external common areas, including the car park. There is also a
separate service charge in place to maintain the internal common
areas of the retail and residential block.
TENANCY
The property is let in accordance with the schedule below, generating
a total income of £233,500 per annum, with a WAULT to expiries of
35.0 years (34.1 years to breaks). Excluding the residential ground
rents, the WAULT of the commercial units is 9.9 years to expiries
(9.1 years to breaks).
Unit Tenant Size Lease Lease UXT to Lease UXT Rent Review Rent psf/ Rent Comments
(sq ft) Start Expiry expiries Break Certain Review Type per apartment pa
Food Store Marks and 10,669 30/10/2006 29/10/2031 10.6 10.6 29/10/2021 OMR £17.71 £189,000 Rent review is to a
Spencer plc ‘Measured Area’ of
10,500 sq ft.
Restaurant Malik Dobir Miah 2,570 25/12/2017 24/12/2027 6.7 24/12/2022 1.7 25/12/2022 OMR £14.98 £38,500 Lease assigned to
t/a Bengal Malik Dobir Miah,
Brasserie Shamin Syed Akhter
& Shayasta Miah.
Rent deposit of
£17,500 (plus £3,500
calculated at the rate
of VAT) held.
Rent paid monthly.
Residential Various 24 01/08/2006 31/07/3005 985.0 985.0 01/08/2031 Doubles £250.00 £6,000
every
25 years
Total 13,239 WAULT 35.0 WAULTC 34.1 £233,500
VICTORIA COURT
THE HORSEFAIR | WETHERBY | LS22 6JA
INVESTMENT MARKET
Food store investment remained very popular during
2020, with c.£1.6bn transacting nationally, which was an
increase on 2019 volumes. The sector is set to remain a
key focus for buyers over the course of 2021.
A schedule of recent food store and convenience sales is
provided below:
Location Tenant WAULTC Review Type Price NIY Date
(years)
Hull Aldi 9.0 RPI (1-3%) £4.07m 4.99% Mar 2021
Retford Lidl 9.7 RPI (1-2%) £4.48m 5.03% Dec 2020
Mansfield Lidl 14.7 RPI (1-3%) £5.42m 4.75% Dec 2020
Bolton-le-sands Co-op 15.0 CPI (1-3%) £1.44m 4.60% Dec 2020
Haslemere M&S 14.8 RPI (0-3%) £6.96m 4.00% Oct 2020
Ferndown M&S 15.8 RPI (0-3%) £7.73m 4.00% Oct 2020
Heswall M&S 12.0 OMR £3.74m 5.17% Jul 2020
Billingshurst Sainsbury’s 12.9 OMR £3.20m 5.09% Jul 2020
Lancaster Lidl 13.6 RPI (1-3%) £3.95m 4.78% Jun 2020
Stamford Waitrose 9.5 OMR £7.30m 5.50% Jun 2020
Chapel Allerton Co-op 12.0 Uncapped RPI £5.50m 5.50% Dec 2019
VICTORIA COURT
THE HORSEFAIR | WETHERBY | LS22 6JA
COVENANT
Marks & Spencer PLC
(CRN: 00214436)
Marks and Spencer is a renowned British retailer
and a household name, founded in Leeds in 1884
and now operating 959 stores across the UK.
The business employs over 78,000 people,
serving approximately 32 million customers
annually. The retailer is committed to future-
proofing the business, with food sales remaining
at the core of their strategy and now accounting
for £6.03bn of revenue (approximately 60%). UK
food revenue and profit before adjusting items
increased by 2.1% and 11.0% respectively from
2019-20. Covid-19 has unsurprisingly had a positive
effect and increased demand.
Marks and Spencer plc have a Dun & Bradstreet
rating of 5A 2. A summary of their last three years
of accounts is set out below:
Year End Turnover Pre-tax profits Tangible Net Worth
(£000’s) (£000’s) (£000’s)
28/03/2020 10,181,900 60,200 5,294,400
30/03/2019 10,377,300 108,700 4,754,300
31/03/2018 10,698,200 112,600 4,913,300
Bengal Brasserie
The Bengal Brasserie is an independently owned chain of restaurants operating over five sites:
Wetherby, Leeds City Centre, Roundhay, Burley and York.
No trading accounts are available; however, the restaurant has remained open for takeaway
throughout the most recent lockdown in accordance with Government Guidelines and are
fully up to date with rental payments.
VICTORIA COURT
THE HORSEFAIR | WETHERBY | LS22 6JA
EPC
The food store provides an EPC rating of B 49 and the restaurant unit shows a rating
of C 55.
Copies of certification is available on request.
VAT
The property is VAT elected and VAT will therefore be payable upon the purchase CONTACTS
price. It is anticipated that the sale can be treated as the Transfer of a Going Concern
(TOGC). Richard Brooke
T: 0113 233 8879
M: 07809 321 451
AML E: richard.brooke@cushwake.com
In accordance with Anti-Money Laundering (AML) Regulation, the purchaser will be Connor Rogers
required to provide two forms of identification and confirmation of the source T: 0113 233 7474
of funding. M: 07557 895735
E: connor.rogers@cushwake.com
PROPOSAL
We are instructed to seek offers in excess of £3,500,000 (Three Million, Five
hundred Thousand Pounds), exclusive of VAT which reflects a Net Initial Yield of
6.25%, assuming standard purchaser’s costs of 6.50%.
Cushman & Wakefield
St Pauls House, 23 Park Square South, Leeds LS1 2ND
Disclaimer;
Cushman & Wakefield as agents for the vendors of this property, give notice that:
(i) These particulars are set out as a general outline for guidance only, do not form any part of an offer or contract and must not be relied upon as statements or representations of fact;
(ii) All descriptions, dimensions, photographs, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but intending purchasers or lessees should
not rely on them as statements or representations of fact and must satisfy themselves as to their correctness;
(iii) No person acting on behalf of Cushman & Wakefield has any authority to make or give any representation or warranty whatsoever in relation to this property. Cushman & Wakefield & accept no responsibility for any statement made
in these particulars;
(iv) Any areas, measurements or distances given are approximate. Unless otherwise stated, all purchase prices, any rents or outgoings are correct at the date of publication, and unless otherwise stated, are quoted exclusive of VAT;
(v) Images may be computer generated. Photographs show certain parts of this property as they appeared at the time they were taken; and
(vi) Any descriptions given of this property cannot be taken to imply this property is in good repair, has all necessary consents, is free of contamination, or that the services and facilities are in working order. Intending purchasers or lessees
are advised to carry out their own investigations.
Publication Date: April 2021. Designed & produced by thedesignexchange.co.uk Tel: 01943 604500.
Cushman & Wakefield Debenham Tie Leung Limited
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