River Island, Bodycare & Uppers with Planning for 14 Flats, Harrogate

Property Description

• Freehold Retail Investment and Development Opportunity.
• The development has been designed to a high specification, with large floor plates and a double height atrium in the centre of the development allowing large amounts of light into the residential units.
• The property comprises of 18,203 sq.ft.

Location Description

• Harrogate comprises a highly attractive and historic retail environment which is dominated by the pedestrianised Cambridge Street and James Street.
• The town of Harrogate lies at the heart of North Yorkshire, approximately 212 miles north of London, 16 miles north of Leeds and 19 miles west of York, it is served by the A61 running from Leeds to Thirsk and the A59 running from York to Preston. The A1M is located approximately 7 miles to the east of the town centre. Leeds/Bradford Airport is situated 10 miles to the south.Harrogate is also well served by the rail network, with Harrogate Railway Station providing direct trains to London Kings Cross in around 2 hours 50 minutes, Leeds in 30 minutes and York in 40 minutes.
• Cambridge Street offers a number of large national multiple occupiers such as Marks and Spencer, Boots, Next and Primark. James Street offers a boutique shopping environment with occupiers including Mint Velvet, Whistles, Hobbs and Ogdens of Harrogate.
• Harrogate is also home to the famous Betty’s Tea rooms along with a thriving restaurant and bar scene with occupiers including The Ivy, Yo Sushi, Banyan, Nando’s and Wagamama.
• Harrogate is also home to one of Europe’s largest exhibition and conference centres, which attracts around 300,000 guests annually. Harrogate also hosted the 2019 UCI Road Cycling World Championships, which followed on from the success of hosting the Tour de France in 2012.

Additional Notes

• The property benefits from planning permission to convert and extend the upper parts into 14 residential units along with eight car parking spaces to the rear.
• Unit 1 is let in its entirety to River Island Clothing Co Limited for a term of 2 years from 30th September 2020 on 2.5% of turnover inclusive. Vacant possession can be obtained upon 4 months written notice after 12 months from lease commencement to enable the development.
• Unit 2 is let to G.R & M.M Blackledge PLC t/a Bodycare for a term of 10 years from 24th December 2019 with an upwards only rent review after 5 years. The current rent is £125,000 per annum.
• Unit 2 first floor is currently vacant to enable the proposed development.
• For the year ending 31st December 2019, Bodycare (GR & MM Blackledge PLC) reported a turnover of £139,329,731, pre-tax profits of £1,403,329 and a total net worth of £30,164,769.