YORK, 63/73 Goodramgate, YO1 7LS City Centre Freehold Retail Investment YORK, 63/73 Goodramgate, YO1 7LS City Centre Freehold Retail Investment

INVESTMENT CONSIDERATIONS

■ York is one of the UK’s premier tourist cities and a major retailing centre in the north of England ■ Busy trading location linking the prime The city has a large, affluent primary catchment population of Multiple retailers with representation on Goodramgate include Savers retailing areas to York Minster 478,000 (Source: PROMIS), and is one of the UK’s major tourist centres as well as a relatively newly opened Wagamamas restaurant and with an estimated 6.7 million tourists visiting the city in 2014, adding the Boyes Department store, whilst Boots, Caffe Nero, Yo Sushi and ■ 80% of the income secured to the major approximately £573m into the local economy. (Visit York). Pandora are all in close proximity. multiple retailers of Tesco & Bon Marche. It is also close to the busy Low Petergate where a wide range of RETAILING IN YORK fashion stores and restaurants are located including Reiss, Mint Velvet, ■ New rebased rents giving excellent York is an attractive retailing centre providing approximately 1.5 Paul Smith, Noa Noa, Strada and Bella Italia. rental growth prospects. million sq ft of retail floor space. The historic nature of the city and the numerous listed buildings create a highly desirable retailing ■ DESCRIPTION Long term opportunity to create environment with an eclectic mix of national multiples, boutiques and The property is of modern frame construction (c. 1960’s build), with residential accommodation above upmarket retailers. brick elevations under a flat roof and is arranged on ground and first (subject to planning) There is a strong upmarket fashion offer on streets including floors. Stonegate and Low Petergate where retailers such as LK Bennett, The building currently has four tenants:- Timberland, Jack Wills, Reiss and White Stuff are located. 63 is a ground floor lock up café. The city also boasts three department stores; Fenwicks, Browns and YORK Debenhams. 63a sits above the café and is a self contained first floor restaurant. The Cathedral City of York is the principal commercial and retail centre York is also famous for its leisure offering with one pub in the city 65/69 is a triple fronted shop with sales accommodation on the for North Yorkshire. It is renowned for its rich heritage and home to for every day of the year as well as a plethora of quality bistros and ground floor and full cover at first floor for ancillary accommodation. some of the UK’s top tourist attractions, including York Minster, the restaurants located across the city. 71/73 is a double unit providing sales accommodation on the ground Jorvik Viking Museum and the National Railway Museum. floor and full cover at first floor for ancillary accommodation. A service The city is located 26 miles north east of Leeds, 22 miles east of LOCATION lift connects both floors. Harrogate and 200 miles north of London. The property is located in a busy trading location on Goodramgate, The block was originally designed as 6 units and therefore provides York benefits from excellent road and rail communications with the a pivot point in the heart of the City, linking the major shopping the flexibility to be subdivided again if requirements dictate, a rare A19, A59 and A64 providing direct access to the A1(M) motorway streets of Parliament Street and Low Petergate to the major tourist commodity in York City Centre. 65/69 Goodramgate (Bon Marche) approximately 15 miles to the west and in turn linking to the M1 and attraction that is York Minster. Goodramgate meets Low Petergate at provides a very well configured unit comprising of almost 10,000 sq M62 motorways. The city also benefits from a major national railway Kings Square. The City of York Council has recently spent £500,000 ft. There are very few units of this size in the City. station on the east coast mainline with direct services to Leeds, upgrading Kings Square to enlarge and enhance the quality of the There is an electricity substation in the rear yard. Manchester, Edinburgh and London, with a fastest journey time to space for pedestrians and performers, the Square being one of the London Kings Cross of approximately 1 hour 45 minutes. most popular areas for street performers in the City. YORK, 63/73 Goodramgate, YO1 7LS City Centre Freehold Retail Investment

ACCOMMODATION TENURE We have measured the property and recorded the following dimensions and net internal floor areas: The property is held freehold.

63 Goodramgate 63a Goodramgate 65/69 Goodramgate 71/73 Goodramgate Café Luca Yak & Yeti Bon Marche Tesco RETAIL RENTAL VALUE Internal width (max) 21’ 8” 6.6m – – 48’ 8” 14.83m 36’ 8” 11.18m We devalue the current passing rents to Zone A rates of circa £54 psf.

Shop depth 67’ 0” 20.4m – – 100’ 0” 30.48m 84’ 6” 25.77m Based upon the current tone of over £85 for the nearby King’s Square and Low Petergate, we believe the rents offer a substantial location Ground floor 1,225 sq ft 113.80 sq m – 4,959 sq ft 460.69 sq m 2,849 sq ft* 264.67 sq ft discount and should offer an excellent base for future rental growth, ITZA 633 – 1951 1312 Kings Square and Low Petergate which achieve levels of between First floor – 1,341 sq ft 124.58 sq m 5,009 sq ft 465.34 sq m 1,703 sq ft 158.20 sq m £85 - £90 ZA as highlighted below:-

The block provides a large ground floor footprint in the region of 9,000 sq ft (836 sq m). Address Tenant Date £ZA Transaction The areas in respect of the premises at 65/69 Goodramgate were agreed at the last two rent reviews. 1 Kings Square Boots March 2015 £85 ZA Renewal We believe that the property provides flexible accommodation to suit a variety of size requirements from retailers and bars/restaurants alike. Given 5 Kings Square Sterling June 2014 £90 ZA Letting the growing concentration of leisure uses in the vicinity we feel that the block could prove of interest to a number of major leisure companies if vacant Souvenirs possession could be achieved. 91/93 Low Mint Velvet May 2014 £90 ZA Letting Petergate TENANCIES The properties are held on effectively full repairing and insuring terms by way of a service charge as follows:- COVENANT INFORMATION Address Tenant Lease Start Next Rent Lease Passing Passing Comments Review Expiry Rent £ ZA/£psf Tenant Date Of Sales Profit Shareholder Creditsafe Accounts turnover Before Tax Funds Rating 63 James Oldroyd 02/10/2010 02/12/2015 01/12/2020 £27,500 £43.50 ZA (£’000’s) (£’000’s) (£’000’s) 63a K, J & O Gurung 02/10/2010 02/12/2015 01/12/2020 £14,500 £10.80 psf Tenant Only break operable on 02/12/2015 upon 3 Bonmarche 29/03/2014 £169,294 £9,467 £14,651 Low Risk months notice. 6 month rent deposit held Ltd 65/69 Bonmarche Ltd 18/06/2012 18/06/2017 17/06/2022 £115,000* £54 ZA 2017 RR to OMRV or RPI linked, capped at £125,000 pa Tesco 22/02/2014 £42,547,000 £1,696,000 £3,169,000 Very Stores Ltd Low Risk 71/73 Tesco Stores Ltd 12/11/2012 12/11/2017 11/11/2032 £75,000 £53.25 ZA 5 yearly rent reviews to RPI 0% – 4% Tenant only break on 11/11/2022 The tenants of 63 and 63a Goodramgate are both local traders and Substation Northern 30/08/2012 29/08/2072 Peppercorn N/A therefore no accounts are available. Powergrid (Northeast) Ltd

£232,000 TOWN PLANNING The building lies within the York Central Historic Core Conservation * In respect of the rent on 65/69 Goodramngate the current passing rent is £110,000 but the rent is due to automatically increase to £115,000 on 18th June 2016. Our client will top up area but is not listed. the rent from completion to 18th June 2016. YORK, 63/73 Goodramgate, YO1 7LS City Centre Freehold Retail Investment

YORK MINSTER ASSET MANAGEMENT PROPOSAL Our clients are seeking offers in excess of £3,375,000 (Three OPPORTUNITIES Million Three Hundred and Seventy Five Thousand Pounds) subject There is air space at second fl oor level above the block and to contract and exclusive of VAT for our client’s freehold interest. our clients have instructed architects to draw a scheme for the Based upon the topped up rent in respect of 63/69 Goodramgate, construction of 4 one bedroom and 2 two bedroom apartments a purchase at this level will show an investor an attractive net with separate access from either Goodramgate or St Andrewgate initial yield of 6.5% assuming normal purchasers costs of 5.8%. where there is already signifi cant residential accommodation. This will improve with the indexed link rent reviews of both Bon These plans are available for inspection on our web site. Currently Marche and Tesco due in 2017 and the potential uplift achievable 2 bedroom apartments on Goodramgate are being marketed in the December 2015 reviews at 63 and 63A. in excess of £290,000 and 1 bedroom apartments are being marketed at over £260,000. Purchasers are advised to make their It may be possible to split the title so that 63 and 63A own enquiries of the Local Authority. Goodramgate can be sold independently. Contact the joint selling agents for further information. VAT The property is elected for VAT. CONTACTS To view copies of the leases, information on title, the EPC’s and other information please visit the HRH web site, EPC www.hrh.uk.com/investment-disposals. Full details are available on the website. To register interest and to carry out an internal inspection please contact the joint agents, HRH or Waterhouse Commercial Surveyors:-

Andrew Hoffbrand Richard Ward Jeremy Lovell David Waterhouse Charlie Bethell [email protected] [email protected] [email protected] [email protected] [email protected] T: 020 7908 7033 T: 020 7908 7034 T: 020 7908 7037 T: 01904 622226 T: 01904 622226 M: 07889 035 300 M: 07919 118529 M: 07949 619657 M: 07970 799909

HRH, 3rd Floor, Portland House Waterhouse Commercial Surveyors, 4 Great Portland Street, London W1W 8QJ 46 Bootham, York YO30 7BZ T: 020 7499 5399 | F: 020 7580 6291 | www.hrh.uk.com T: 01904 622226 | www.wcsyork.co.uk

DISCLAIMER NOTICE: Whilst every care is taken in the preparation of these particulars Harmer Ray Hoffbrand LLP, any joint agents involved and the vendor take no responsibility for any error, mis-statement or omission in these details. Measurements are approximate and for guidance only. These particulars do not constitute an offer or contract and members of the Agent’s fi rm have no authority to make any representation or warranty in relation to the property. June 2015. PARLIAMENT

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