1 STAINBECK LANE Chapel Allerton, Leeds LS7 3PJ
PRIME LONG LET SUPERMARKET INVESTMENT WITH UNCAPPED RPI LINKED RENT REVIEWS 1 STAINBECK LANE | CHAPEL ALLERTON | LEEDS
INVESTMENT CONSIDERATION zz Leeds, the commercial heart of West Yorkshire is a thriving retail city with a catchment population of approximately 3 million people. zz Dominant supermarket occupying a large prominent site in an affluent suburb of Leeds often referred to as the ‘Notting Hill Gate of the North’ and voted one of the best places to live in Northern England (Sunday Times 2018). zz Let to Co-operative Group Food Limited, guaranteed by Co-operative Group Limited on a full repairing and insuring lease for a term to expire 10th December 2031 (c. 12.5 years unexpired). zz Rent is subject to 5 yearly upward only reviews to the higher of the passing rent, open market or uncapped RPI. Next rent review is in December 2021. zz Proposals to refit in Q4 2019/Q1 2020 zz Strategically located with highly prominent frontage to Stainbeck Lane, close to its junction with Harrogate Road which forms the centre of Chapel Allerton. zz Well configured store with a GIA of 16,703 sq ft, with the benefit of 70 car parking spaces, giving a parking ratio of 1:239 sq ft. zz The site extends to approximately 1.3 acres (0.52 hectares) with a site coverage of 30% offering the potential for alternative uses, subject to planning. zz Current contracted rent of £323,458 pa which reflects an overall rate of £18.44 per sq ft allowing 5% for the fully fitted assumption. zz Our client is seeking offers in excess of £5,250,000 (Five Million Two Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT which reflects a net initial yield of 5.77% increasing to 6.75%* in December 2021, net of normal purchaser’s costs.
* Assuming RPI assumptions to that date. 1 STAINBECK LANE | CHAPEL ALLERTON | LEEDS
HARROGATE ROAD
STAINBECK LANE
SCHOOL LANE
For identification purposes only 1 STAINBECK LANE | CHAPEL ALLERTON | LEEDS
LOCATION & COMMUNICATIONS
Leeds is situated at the heart of the Northern Powerhouse, approximately 40 miles east of Manchester and 190 miles North of London. The city lies 7 miles north of the intersection of the M1(J42) and M62 (J29), with direct access to the motorway network from the City Centre via the M621. The Leeds City Region is the largest economy outside of London and one of the most diverse. The city region has a total workforce of almost 1.37m and a £64.6 million economy (Leeds.gov.uk). Over the next ten years the economy is forecast to grow by 21% with financial and business services set to generate over half of GVA growth over that period. Leeds has a historic strength in financial and professional services but also has concentrations of employment in advanced manufacturing, digital industries and education.
Leeds City Railway Station is the UK’s second busiest rail CHAPEL ALLERTON station outside of Central London with over 900 trains A1(M) Chapel Allerton is often referred to as the “Notting Hill Gate of and 50,000 passengers per day. Services to London Kings the North” and is an inner suburb of North East Leeds, West Cross are every 30 minutes with a fastest journey time of 2 Yorkshire. It is located approximately 2.5 miles from the City hours. Leeds is also the regional transport hub for Yorkshire, Centre, just over 7 miles South West of Leeds Bradford Airport, providing local services and regular trains to Manchester, 2 miles East of Headingley and 1.5 miles West of Roundhay. York, Sheffield and Newcastle. Work has started on the
£161m redevelopment of Leeds Station which is part of a The suburb benefits from good transport links, being in close M62 M62 proposed £500m masterplan. Leeds Bradford International proximity to the A61, A58 and A6120 which in turn offers Airport is 8 miles to the north west of the City Centre access to the A1, M1 and M62. and presently caters for 3m passengers a year. This is forecasted to nearly triple by 2030, with £28m currently The nearest railway station is located in Headingley which being invested in improving the airport’s infrastructure. offers services to Leeds, Burley, Knaresborough and York. The airport serves 70 destinations including 4 daily British There are also regular bus services to Leeds City Centre which Airways flights to London Heathrow. Leeds is planning to take approximately 13 minutes, and its surrounding suburbs. submit a bid to be European capital of culture in 2023. 1 STAINBECK LANE | CHAPEL ALLERTON | LEEDS
SITUATION
H A R R
The subject property occupies an extremely prominent position with O
G
A a substantial frontage to Stainbeck Lane, with vehicular access from T
E
R Soldiers’s School Lane and further one way access via Ingle Row off Harrogate MEANWOOD O A Fields
D Road to the East, which leads directly to Leeds City Centre. Harrogate D A Road has an eclectic mix of local and national retailers. O GLEDHOW R C E IN A CHAPEL T S ALLERTON OAKWOOD DEMOGRAPHICS
S C HEADINGLEY O T Leeds has a primary catchment population of 1.5 million which ranks it 4th T H Potternewton A POTTERNEWTON Park L L out of all the major centres. 642,000 people consider Leeds to be their main R O A shopping destination, showing the dominance of the centre. The population D
H E A is boosted by the 50,700 full-time higher education students in the city. D IN G L E L A
N Of these, 7,245 are post graduates and 43,455 are undergraduates. E
CHAPELTOWN