Albion Court/Market Street is a substantial part three part single storey brick building under a pitched slate roof with part (to the front facing Albion Court) being modern under a flat roof. The lower ground floor is a trading bar whilst the former Kindred Spirit and first floor (former Havana nightclub) are vacant and reavailable.
10 Market Street, excluding Albion Court, also benefits from a planning consent for conversion to residential. The property benefits from access off both Market Street and Albion Court.
Location
The subject premises front both Albion Court – which faces onto the unique courtyard ‘Latino Quarter’ – and Market Street which leads to the busy Westgate. Westgate continues to be a popular leisure destination within Wakefield City Centre with various bars, clubs and restaurants and is only a short walk to Wakefield train station (approximately 200m to the property).
Westgate also links the busy A642 and Ings Road, which includes Beck Retail Park and Cathedral Retail Park where occupiers include Sainsburys, Cineworld, The Range, Home Bargains and B&M.
Accommodation
Basement - 548m² (5,895 sq. ft)
Leased to ‘Now Serving’
Basement - 65m² (700 sq. ft)
Part of former Havana/Foundation
Ground floor - 474m² (5,100 sq. ft)
Comprising former Havana/Foundation nightclub
Ground floor - 177m² (1,900 sq. ft)
Former Kindred Spirit fully fitted bar
First floor - 135m² (1,460 sq. ft)
Office accommodation & part of the former Kindred Spirit
Second floor - 107m² (1,150 sq. ft)
Vacant office accommodation
Gross Internal Floor Area - Up to 1,505m² (16,205 sq. ft)
Terms
Price
Offers in the region of £775,000 for the freehold (of the whole).
Lease Terms
Individual sections, including the fully fitted former Kindred Spirit bar, are available to rent on terms to be agreed.
Tenancies
Now Serving occupy the majority of the basement by way of a 10 year lease from 2016 with a current passing rent of £20,000 per annum exclusive.
Planning
The premisses benefit from existing consents for bar, nightclub and offices along with a planning consent for conversion to 13 apartments (application number: 22/00823/FUL) which was granted in September 2022. The property is situated within the Upper Westgate Conservation Area and information relating to the planning consent is available from the planning portal or the vendor’s agents upon request.
Prospective purchasers or tenants should satisfy themselves with regard to all rating and planning matters direct with the Local Authority, Wakefield Council Tel: 0345 850 6506.
Non Domestic Rating
We are advised by Wakefield Council the premises have been split with various assessments including:-
Kindred Spirit Club & Premises - RV £26,500
First floor (offices) - RV £5,700
The National Uniform Business Rate for 2024/25 is 49.9p in the £, ignoring transitional phasing relief and allowances to small businesses.
Services
We understand the premises benefit from mains water, sewer drainage and electricity along with individual appliances including lighting and heating. Fixtures and fittings within Kindred Spirit can remain in situ (by way of separate negotiation) though no tests have been carried out on any of the aforementioned services or appliances and therefore we are unable to comment as to their condition or capacity.
Energy Performance Certificate
The premises are assessed with an EPC of C (57).
VAT
All prices and rents are quoted exclusive of VAT, where applicable.
Legal Costs
In the event of any lettings, the ingoing tenant to be responsible for the landlord’s reasonable costs incurred in the preparation of the lease and its counterpart.
Specification
- Part single part three storey former nightclub and bar benefitting from consent for conversion of part (13 apartments)
- Situated just off Westgate in the centre of Wakefield and only a short walking distance from Wakefield train station
- Presently generating £20,000 per annum exclusive (from basement only) and includes former Kindred Spirit being a fully fitted bar