26/28 Cambridge Street & 17/19 Oxford Street Harrogate, HG1 1RX

For Sale
26/28 Cambridge Street & 17/19 Oxford Street, Harrogate - Picture 2023-11-30-17-25-19
26/28 Cambridge Street & 17/19 Oxford Street, Harrogate - Picture 2023-11-30-17-25-46

Agents

Jackson Criss logo

Jackson Criss

Philip Hay

Use Class

Use Class

E

Size

Size

29,589 sq ft

Price

Price

£5,150,000

Description

Rebased prime freehold retail investment block - For sale in affluent North Yorkshire town

The vendors are seeking offers in excess of £5,150,000 (Five Million, One Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT which reflects a net initial yield of 7%, net of standard purchasers costs.

The property comprises three shop properties, with two fronting Cambridge Street and one fronting Oxford Street.

26/28 Cambridge Street is arranged over ground, basement and two upper floors, 30 Cambridge Street is arranged over ground and two upper floors, whilst 15/19 Oxford Street is arranged over ground floor only.

Accommodation

29,589 Sq.Ft

The property comprises a total floor area of c. 36,082 sq ft (3,352 m2), which is more particularly described in the tenancy and accommodation schedule below. The property is let to three tenants as detailed in the tenancy and accommodation schedule, producing a current rent of £385,000 pa exclusive. The leases are Full Repairing and Insuring, with the cost of the common parts recoverable via a service charge. The total service charge budget for the year ending 28/9/2023 is £18,495 (£0.51 psf). Further information is available on request. Boots has recently completed a reversionary lease reducing the rent by 50%. The Works took a new lease in September 2021, reducing the previous passing rent by 45%. Lush renewed their lease in October 2019, with the rent being reduced by 20%. The Wault to expiry is c. 4.9 years.

Areas
Sq.Ft
Sq.M
26/28 Cambridge Street, Ground Floor Sales
16,436
1,526.95
26/28 Cambridge Street, Basment Ancillary
5,186
481.8
26/28 Cambridge Street, First Floor Sales
5,914
549.43
26/28 Cambridge Street, First Floor Plant
392
36.42
26/28 Cambridge Street, Second Floor Ancillary
1,543
143.35
26/28 Cambridge Street, Second Floor Plant
116
10.78
17/19 Oxford Street, Ground Floor Sales
5,259
488.58
17/19 Oxford Street, ITZA
1,968
182.83
17/19 Oxford Street, Mezzanine storage
300
27.87

More Information

website
Website

Financial

Rent

The Boots rent devalues to a rebased overall rate of £9.29 per sq ft. The rent passing at 38 Cambridge Street (Lush) devalues to a Zone A rent of approximately £99 per sq ft and The Works rent at 15/19 Oxford Street, reflects a Zone A rate of £36 per sq ft or £12.60 sq ft overall.

Costs

Our clients are seeking offers in excess of £5,150,000 (Five Million, One Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT which reflects a net initial yield of 7% after deduction of standard purchaser’s costs. The sale price reflects a capital value of £143 per sq ft. 32/34 Cambridge Street (O2 & Pandora) was sold in May 2022 for £1.365m which reflected a net initial yield of 6.91% and a capital value of £400 per sq ft.

Tenure

Freehold

Vat

The property has been elected for VAT purposes and it is anticipated that the transaction will be treated as a Transfer Of a Going Concern (TOGC).

Sustainability

The EPC ratings are set out in the tenancy schedule attached and further information is available on request.

Misrepresentation Notice

All the above information and descriptions (whether in the text, plans or photographs) are given in good faith but should not be relied upon as being a statement of representation or fact. Any areas, measurements or distances referred to are approximate only.

All data ©2024 Completely Property Technology Limited

This was last updated on 19/11/2024