18-20A THE GROVE, ILKLEY, WEST YORKSHIRE LS29 9EG
Transcript of 18-20A THE GROVE, ILKLEY, WEST YORKSHIRE LS29 9EG
Garry Howes
Tel. 0113 218 2093
Nicky Visick
Tel. 0113 218 2095
18-20A THE GROVE, ILKLEY, WEST YORKSHIRE
LS29 9EG
Prime Freehold Retail Investment
INVESTMENT SUMMARY
Freehold retail opportunity in affluent Yorkshire
town
Rare opportunity to purchase in Ilkley’s 100%
prime retail pitch
Prominently situated on The Grove
Let to Viyella and Skipton and Craven Action
for Disability (SCAD) for a further 9.5 years and
7 years respectively
Currently producing £61,200 per annum
excluding VAT
Medium term asset management potential
Offers are invited in the sum of £1,300,000
subject to contract and exclusive of VAT
An acquisition at this level would show an
investor net initial return on 4.45%
18-20A THE GROVE, ILKLEY, WEST YORKSHIRE
LS29 9EG
Prime Freehold Retail Investment
LOCATION
Ilkley is an attractive prosperous town strategically located on the edge of
the Yorkshire Dales. Road communications are good with the A65 passing
through the town centre providing easy access to Leeds 27km (17miles) to
the south east, Bradford 22.5km (14 miles) to the south, and Harrogate
30.5km (19 miles) to the east.
The town also benefits from its situation on the Wharfedale railway line
which provides direct links to Leeds and Bradford and connections to the
national rail network making the town popular with affluent commuters.
SITUATION
The property is situated on the northern side of The Grove which is
considered to be the 100% prime retail pitch within Ilkely town centre.
Adjacent and near-by occupiers, include Bettys Tea rooms, Crew Clothing,
WH Smith, Skipton Building Society, White Stuff, Charles Clinkcard,
together with numerous local high quality independent retailers.
The towns principle car park (providing approximately 250 spaces) is
situated to the rear of the property with pedestrian access directly off The
Grove. On Street Parking is also available on The Grove to the front of the
property.
DESCRIPTION
The property comprises two adjoining mid-terraced retail units of stone
construction beneath a pitched slate roof. The front elevation provides an
attractive façade and to the rear elevation is a small three storey extension.
Accommodation is arranged over basement, ground and first floors.
The property was measured by the landlord’s agent in accordance with the
RICS code of measuring practice (5th edition) and we are advised that the
property provides the following Net Internal Areas.
PLANNING
The property benefits s from an A1 retail planning consent and is situated in
the heart of the designated primary shopping of the town centre
18-20A THE GROVE, ILKLEY, WEST YORKSHIRE
LS29 9EG
Prime Freehold Retail Investment
Address Sq M Sq Ft
18 The Grove GF Retail 31.49 338
(SCAD) GF ITZA 254
1F Sales 73.00 786
1F Ancillary 26.4 284
Basement 12.39 133
Subtotal 143.28 1,541
20A The Grove GF Retail 79.53 857
(Viyella) GF ITZA 552
GF Kitchen 4.04 43
Basement 45.65 491
Subtotal 129.22 1,391
TOTAL 272.50 2,932
TENANCIES AND RENTAL INCOME
The property is let to two tenants on effective FRI terms and currently produces a rental income
of £61,200 pa exclusive, rising to £62,578 pa exclusive with effect from 10 September 2012.
20A The Grove is let to Harris Watson Holdings Ltd t/a Viyella for a term of 15 years with effect
from 3rd May 2006 expiring 2nd May 2021. The current passing rent is £40,000 per annum
exclusive. The lease incorporates upward only rent reviews at each 5th anniversary of the term.
The May 2011 rent review is outstanding and no notices have been served by either party.
18 The Grove is let to Skipton and Craven Action for Disability (SCAD) for a term of 8 years with
effect from 10 Sept 2010 expiring 9 September 2018. The current rent passing is £21,200 per
annum exclusive and there is a fixed uplift in the rent with effect from 10th September 2012 to
£22,578 per annum exclusive. The lease incorporates an upward only rent review and a
tenant’s break clause on the 4th anniversary of the term.
TENANTS’ COVENANT
Harris Watson Holdings Ltd :
Skipton & Craven Action For Disability
18-20A THE GROVE, ILKLEY, WEST YORKSHIRE
LS29 9EG
Prime Freehold Retail Investment
Fiscal Consolidated
31 March 2010
Fiscal Consolidated
31 March 2009
Fiscal Consolidated
31 March 2008
Sales Turnover £84,114,000 £73,762,000 £64,277,000
Profit pre-tax £1,733,000 £948,000 £4,424,000
Tangible Net Worth £6,783,000 £9,316,000 £10,091,000
Fiscal Non-consolidated
31 December 2010
Fiscal Non-consolidated
31 December 2009
Fiscal Non-consolidated
31 December 2008
Sales Turnover £406,982 £331,950 £307,543
Profit (L) pre-tax £12,983 (£5,468) (£8,564)
Tangible Net Worth £223,483 £232,308 £237,676
Net Current Assets £107,451 £137,703 £141,526
TENURE
The property is held freehold and this is the interest to be conveyed
VAT
The property is elected for VAT. It is anticipated that the transaction will be treated as a TOGC.
PROPOSAL
We are instructed to invite offers in the sum of £1,300,000 (one million three hundred thousand pounds)
excluding VAT, in respect of our clients Freehold Interest.
A purchase at this level would reflect a Net Initial Yield of 4.45% after deduction of usual irrecoverable purchase
costs of 5.8%.
FURTHER INFORMATION
For further information or to arrange inspection please contact the sole selling agents, Gerald Eve:
Garry Howes Nicky Visick
[email protected] [email protected]
1 York Place, Leeds. LS1 2DR 1 York Place, Leeds. LS1 2DR
Tel: 0113 218 2093 Tel: 0113 218 2095
Date Issued: October 2011
Conditions under which these particulars are issued
All details in these particulars are given in good faith, but Gerald Eve for themselves and the
Vendors/Lessors of this property for whom they act give notice that:-
1. These particulars do not and shall not constitute, in whole or in part, an offer or a contract
or part thereof, and Gerald Eve have no authority to make or enter into any such offer or
contract.
2. All statements contained in these particulars are made without acceptance of any liability
in negligence or otherwise by Gerald Eve, for themselves or for the Vendors/Lessors.
3. None of the statements contained in these particulars is to be relied on as a statement or
representation of fact or warranty on any matter whatsoever, and intending purchasers must
satisfy themselves by whatever means as to the correctness of any statements made within
these particulars.
4. The Vendors/Lessors do not make, give or imply, nor do Gerald Eve or any person in their
employment have any authority to make, give or imply, whether in these particulars or
otherwise, any representation or warranty whatsoever in relation to the property.
The statement does not affect any potential liability under the Property Misdescriptions Act
1991.
18-20A THE GROVE, ILKLEY, WEST YORKSHIRE
LS29 9EG
Prime Freehold Retail Investment