Prime Restaurant Investment Opportunity 14.65 Years Unexpired
Valley Gardens Yorkshire Hotel Betty s Café St Peters Church Jubilee Car Park Royal Hall Theatre Harrogate International Conference Centre Parliament Street Oxford Street Cambridge Street James Street Westgate House Market Place Victoria Shopping Centre Harrogate Railway Station Victoria Car Park
Investment Considerations Prime restaurant investment opportunity located in the highly affluent and desirable spa town of Harrogate Attractive building located on a corner plot within the heart of Harrogate s prime leisure pitch along Parliament Street Freehold The property comprises a prominent, double fronted unit arranged over the ground and basement floors totalling 3,661 sq ft (340.12 sq m) Let to the excellent covenant of Wagamama Limited (5A1) for a further 14.65 years (certain) at a passing rent of 97,500 per annum Residential accommodation to the upper floors producing an additional 2,000 per annum of ground rent income, subject to RPI uplifts Proposal Offers sought in excess of 1,973,000 (One Million, Nine Hundred and Seventy Three Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.75% after deductions of purchaser s costs at 6.27%. Dataroom For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/wagamama-harrogate
Fleetwood Blackpool Blackpool International Airport Warton Aerodrome M6 M55 Preston Longridge BLACKBURN Darwen M65 Accrington Nelson Burnley Yorkshire Dales National Park Authority Ilkley Hebden Bridge Keighley Halifax BRADFORD M606 HARROGATE Leeds/ Bradford LEEDS M621 Wakefield Wetherby M1 A1(M) Castleford Tadcaster A1(M) YORK M62 Location Harrogate is an affluent spa town situated in the heart of North Yorkshire, approximately 341 km (212 miles) north of London, 26 km (16 miles) north of Leeds and 30 km (19 miles) west of York. The town benefits from excellent road communications being served by the A61, A59 and A661. Access to the A1(M) is 11 km east of the town centre via the A59. Harrogate is well connected to the rail network, with Harrogate Railway Station providing frequent services to London (King s Cross) via York, with a fastest journey time of approximately 2 hours 40 minutes. Furthermore, Leeds-Bradford Airport is situated 16 km (10 miles) to the south. Situation Formby Southport Bootle LIVERPOOL Birkenhead Ormskirk St. Helens Chorley M6 M61 M62 Wigan Bolton M62 M60 M66 Rochdale MANCHESTER Oldham M60 Ashton-under-Lyne M67 M62 HUDDERSFIELD Peak District National Park M1 Barnsley Rotherham A1(M) M18 Doncaster A1(M) M18 M The property occupies a highly prominent corner position fronting Parliament Street, with return frontage onto Parliament Terrace. The property benefits from a prime pitch on Parliament Street with nearby occupiers including; The Ivy, All Bar One, Five Guys, The Harrogate Arms (adjacent), Nando s as well as the famous Betty s Tea Rooms. Parliament Street is situated at the eastern edge of the town s central A1 retail core, which is predominantly on Oxford Street, Cambridge Street and James Street, all of which lead to the south of Parliament Street where the property is situated.
Description The property comprises a prominent, double fronted restaurant arranged over ground and basement floors totalling 3,661 sq ft (340.12 sq m). The property benefits from frontages to both Parliament Street and Parliament Parade. The ground floor comprises the kitchen facility and restaurant area providing a total of 102 covers. The basement provides customer and staff toilets, staff rooms and ancillary storage accommodation. The accommodation has recently been fitted-out to a very high standard in the Wagamama s corporate style. The upper floors comprise 8 residential flats with self-contained access from Parliament Terrace. The residential accommodation has been sold off producing a ground rent income of 2,000 per annum.
Tenancy Tenant Floor Area (sq ft) Wagamama Limited Montpellier Apartments Maintenance Limited Ground & Basement Upper Floors (Residential) Lease Start R/R Lease Expiry Rent (p.a.) Rent ( psf) Comments 3,661 03/12/2007 03/12/2022 02/12/2032 97,500 26.63 5 yearly open market rent reviews (upwards only). - 02/01/2008 01/01/2033 25/12/3006 2,000 - Rent is based on 100% of ground rent receivable from the 8 residential flats to the upper floors. The individual leases are subject to review on 01/01/33 and every 25 years thereafter in line with RPI (upwards only). 3,661 99,500 Covenant Wagamama Limited operates a chain of Japanese restaurants across the UK, with 128 locations. The company was sold by private equity firm Lion Capital to Duke Street Capital in 2011 for 215m. Wagamama Limited is trading particularly well and has posted the following financial results over the past three years; 26 April 2015 24 April 2016 23 April 2017 Turnover 188,115,000 223,693,000 257,774,000 Pre-Tax Profit 18,619,000 28,525,000 35,716,000 Total Net Worth 72,067,000 99,079,000 130,877,000 D&B Rating: 5A1 Risk Disk Score: 100 ( Very Low Risk of business failure) wagamama
wagamama Harrogate CHELTENH AM PARADE Crown Copyright, ES 100004106. For identification purposes only.
Retailing in Harrogate Harrogate has an excellent retail offering, providing approximately 980,000 sq ft of town centre retail floor space. According to PROMIS, Harrogate has a significantly above average volume and quality of retail provision, which is driven by the above average affluence of the population. The town is a very popular tourist and conference destination, attracting an estimated 1.5 million tourists per annum and a further 500,000 conference visitors to the Harrogate Centre, with an estimated annual visitor spend of 33 million on non-food retail goods and 26 million on eating out. This high quality retail offering is evident in the quality of occupiers in the town, which include; Marks & Spencer, L.K.Bennett, Whistles, Debenhams, Jo Malone and H & M among others. Shopping Population: 149,000 people Ranking: 32 (Non-Food) Affluence Score: 22 Town Centre Retail Space: 980,000 sq ft Prime Zone A Rents: 150 psf Total Town Centre Vacancy: 1.3%
EPC Available upon request. VAT The property is elected for VAT and it is envisaged the transaction will be treated as a Transfer of a Going Concern. DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/wagamama-harrogate Proposal Offers sought in excess of 1,973,000 (One Million, Nine Hundred and Seventy Three Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.75% after deductions of purchaser s costs at 6.27%. For further information or to make arrangements for viewing please contact: James Salmon 020 7543 6880 james.salmon@allsop.co.uk Niamh Fleming 020 7543 6731 niamh.fleming@allsop.co.uk www.allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandhq.co.uk 04.18