The property comprises a two-storey mid-terrace building of brick masonry construction. The ground floor currently comprises a former banking hall housing service counters and meeting areas to the front and ancillary office space and WCs to the rear. The first floor offers open plan office space with kitchen and WC facilities.
A lease has recently been agreed to a new occupier who is in the process of refitting the unit as a more traditional retail store on both levels.
This property forms part of a larger retail portfolio currently being marketed which spans Newcastle & York. Properties are available as a portfolio or on an individual basis. Further information is available within the brochure.
Location
This property fronts Feasgate, a retailing parade in the heart of York city centre. Feasegate connects Davygate / Parlement Street with Spurriergate / Coney Street, which function as the two main shopping throughfares of York centre. Being so centrally located, the property is also surround by most other renowned independent shopping areas York offers including Colliergate, Shambles and the Coppergate centre. The property’s immediate vicinity is populated by a strong mix of national retailers including H Samuel, Yorkshire Building Society and Superdrug to name a few.
Accommodation
Ground Floor Retail - 1,276 sq ft (118.5 sq m)
First Floor Ancillary - 926 sq ft (86.0 sq m)
Total - 2,202 sq ft (204.5 sq m)
Terms
Tenure - This property is held freehold.
Tenancy - The entire property is let to Liamring Limited, a retailer of anime merchandise. The owner of this company already operates two identical stores in Scotland – Anime Republic on Princes Street, Edinburgh and Anime Gallery in the St. Enoch Centre, Glasgow. We are advised that these stores have been trading successfully for 10 and 5 years, respectively, and the owner is now looking to expand into English markets.
A 10-year Full Repairing and Insuring (FRI) lease has been agreed from 08 August 2024 to 07 August 2034 at a passing rent of £45,000 per annum. This agreement offers three months rent free on commencement, reduced rent of £12,500 for the proceeding 12 months, before reversion to headline rent. Rent is to be reviewed 5-yearly via upwards only open market rent reviews and a rental deposit of £13,500 is held on account which is to be transferred to the purchaser on completion.
VAT - We understand that this property is NOT elected for VAT purposes.
Specification
- Located within an internationally renowned tourist destination which has an exceptionally robust and diverse retail offering.
- Positioned in the immediate vicinity of York’s prime retailing thoroughfares.
- New FRI lease agreed at a rebased headline rent of £45,000 per annum.
- Feasegate10-year unexpired lease term to Liamring Limited, an established high-street retailer, with 5-yearly upwards only open market rent review.