AVAILABLE

Prime Harrogate Retail Investment

Price:

£1,175,000

7,295 sq ft

Summary

Prime retail parade in the heart of Harrogate town centre, comprising four ground and first floor retail/leisure units fronting Oxford Street together with an additional unit on Union Street
Let to a strong mix of national and independent retailers and restaurateurs including Geek Retreat, Ryman, Otto Café and Essenza
Combined total floor area of approximately 7,295 sq ft
Total rent of £105,500 per annum, comprising a current passing rent of £93,000 per annum together with the agreed terms on 8 Union Street at £12,500 per annum
Available to purchase as a whole, with consideration also given to splitting and selling as two separate lots
Freehold

Location

The properties occupy a prominent position on Oxford Street, one of Harrogate's principal town centre retailing pitches, close to its junction with Parliament Street and Cambridge Road, and within a short walk of the Victoria Shopping Centre and the Marks & Spencer Foodhall.

Nearby occupiers include Marks & Spencer, Tesco Express, Halifax, McDonald's, Superdrug and Ryman, together with a strong food and beverage offer including Bettys, Five Guys, The Ivy and Wagamama. The Jubilee Multi Storey Car Park, providing 444 car parking spaces, is situated on Union Street, immediately to the rear of the property.

Harrogate is one of the principal commercial centres in North Yorkshire, benefiting from a high socio-economic profile and a resident population of approximately 76,800 (ONS), and is also home to the Harrogate Convention Centre, one of the leading conference and exhibition venues in the North of England.

Harrogate benefits from excellent transport connectivity, with Harrogate railway station providing regular services to Leeds and York. The town is located approximately 17 miles north of Leeds, 21 miles west of York and 11 miles west of the A1(M), with Leeds Bradford Airport approximately 9 miles away.

Significant Town Centre Development

Harrogate town centre is undergoing significant change, most notably with the redevelopment of the former Debenhams department store, situated close to the subject properties, which is being brought forward for a mixed retail, leisure and residential scheme.

This regeneration is expected to further increase footfall and enhance the prime retailing pitch along Oxford Street and Parliament Street. The wider strength of Harrogate's retail and leisure offer, combined with ongoing town centre investment, continues to underpin demand from national multiples and independent operators alike for well-located units such as those which form this parade.

Description

30-34a Oxford Street comprise a parade of four adjoining retail/leisure units arranged over ground and first floors (with basement accommodation at 30 Oxford Street), of traditional construction beneath pitched roofs, fronting one of Harrogate's principal town centre trading pitches.

The properties are let to a strong mix of tenants including Geek Retreat, Ryman, Otto Café and Essenza, providing a secure and diversified income stream, with 8 Union Street currently under offer to a new tenant.

Accommodation

The floor areas are calculated as follows:

Address	Floor	Sq ft
30 Oxford Street	Ground	1,443
	Ground ancillary	122
	First	781
	Total	2,346
32 Oxford Street	Ground	1,409
	Ground ancillary	148
	First	777
	Total	2,334
	Sub Total	4,680
34 Oxford Street	Ground	1,072
	Ground ancillary	30
	Total	1,102
34a Oxford Street	First	1,137
	Total	1,137
8 Union Street	Ground	200
	First	176
	Total	376
	Sub Total	2,615
Combined Total		7,295

Tenancy Information

30 Oxford Street is let to Ghost Huskey Limited t/a Geek Retreat on a lease for a term of 8 years from 19 December 2024, at a current rent of £27,000 per annum. The lease is subject to a rent review and tenant break option on 19 August 2027, with a further tenant break option on 19 August 2029, and is FRI subject to a schedule of condition.

32 Oxford Street is let to Partners The Stationers Limited t/a Ryman on a 10 year lease from 25 December 2015, currently holding over, at a rent of £30,000 per annum on FRI terms.

34 Oxford Street is let to Otto Café Limited on a 10 year lease from 20 February 2026, at a rent of £26,000 per annum, subject to a tenant break option and rent review on 20 February 2030. The lease is FRI by way of service charge, with repair liability limited by a schedule of condition.

34a Oxford Street is let to Vaneli Limited t/a Essenza on a 15 year lease from 27 January 2011, currently holding over, at a rent of £10,000 per annum, FRI by way of service charge with repair liability limited by a schedule of condition. We understand the tenant took an assignment of the lease in 2019.

8 Union Street is currently under offer to Huckerbys of Harrogate on a 5 year lease with a tenant break option at the end of year 3 at a rent of £12,500 per annum plus VAT, subject to a 4 week rent free period. The lease to be effectively full repairing and insuring by way of a service charge, with the landlord insuring the building and recovering the cost from the tenant. A rent deposit equal to 3 months' rent plus VAT to be held for the term. The tenant to be responsible for all other outgoings, including business rates and utility bills.

The total rent for the parade is £105,500 per annum, comprising the current passing rent of £93,000 per annum together with the agreed terms on 8 Union Street at £12,500 per annum.

Tenancy Schedule

Address	Tenant	Term	Rent Review / Break	Repair	Sq ft	Rent pa	EPC
30 Oxford Street	Ghost Huskey Limited t/a Geek Retreat	8 years from 19/12/2024	Review & break 19/08/27; break 19/08/29	FRI (SOC)	2,346	£27,000	D (90)
32 Oxford Street	Partners The Stationers Limited t/a Ryman	10 years from 25/12/2015 (holding over)	N/A	FRI	2,334	£30,000	TBC
34 Oxford Street	Otto Café Limited	10 years from 20/02/2026	Review & break 20/02/2030	FRI (SOC)	1,102	£26,000	C (63)
34a Oxford Street	Vaneli Limited t/a Essenza	15 years from 27/01/2011 (holding over)	N/A	FRI (SOC)	1,137	£10,000	E (117)
8 Union Street	Huckerbys of Harrogate (under offer)	5 years (STC)	3 yr tenant break	FRI (SC)	376	£12,500	C (74)
Total					7,295	£105,500

Tenure

Freehold with Title Numbers NYK90130 (30-32) and NYK114022 (34 & 8).

VAT

The property is VAT elected and we envisage the sale to be treated as a TOGC.

Energy Performance Certificates

30 Oxford Street: D (90)

32 Oxford Street: TBC

34 Oxford Street: C (63)

34a Oxford Street: E (117)

8 Union Street: C (74)

Proposal

£1,175,000 (One Million One Hundred and Seventy Five Thousand Pounds) reflecting a net initial yield of 8.48%.

Capital Allowances

There are no unclaimed capital allowances available with the property.

Anti-Money Laundering Regulations and Requirements

To comply with our legal responsibilities for Anti-Money Laundering, it is necessary to check all parties involved in this transaction. It is the responsibility of parties on both sides to provide information necessary to complete these checks before the deal is completed. We will therefore require the following information: