Retail premises for sale in Austhorpe Road, Cross Gates, Leeds LS15

Investment summary

• Well located self-contained retail property prominently located at the entrance to Crossgates Shopping Centre with frontage to Austhorpe Road, Crossgates.
• Gross Internal Area of approx. 1,838 ft2.
• Occupational lease of 10 years from December 2014 at a rent of £32,000 p.a to the strong covenant of Tamp ‘N’ Swirl Ltd trading as Costa Coffee.
• Offers in excess of £410,000, reflecting a net initial yield of 7.5%.

Location

30 Austhorpe Road, Crossgates is a well located retail premises in the town centre of Crossgates just off the A6120 and 0.3 miles from Crossgates station. Crossgates is the dominant shopping centre in East Leeds and draws on a densely populated and large catchment area. Other retailers include Bonmarché, New Look, EE, Card Factory and Poundland.
The property can be accessed internally from Crossgates Shopping Centre and externally from Austhorpe Road. Austhorpe Road’s location provides easy access to the east of Leeds, the A64 and the M1.

Description

The building is a self-contained 2-storey building occupying a prominent position in the main retail area of Crossgates, with a Gross Internal Area of approx. 1,838 ft2. It has a large retail area of approx. 1,507 ft2 on the ground floor and street facing window frontage. The first floor gives way to a 331 ft2 (approx.) office and storage area.
The property can be accessed both internally from the Crossgates shopping centre, and externally from the busy shopping street of Austhorpe Road.

Tenure

30 Austhorpe Road is for sale on a Long Leasehold basis with an occupational lease with expiry in 2024 and a rental of £32,000 p.a.
Term: 999 years
Term start date: 25th October 2021
Term end date: 24th October 3020
Rent: Peppercorn ground rent
Service charge provisions: Yes

Tenancy

Tenant: Tamp 'N' Swirl trading as Costa Coffee
Leasestart date: 10th December 2014
Term: 10 years
Rent: £32,000 p.a

Covenant strength

Tenant: Tamp 'N' Swirl trading as Costa Coffee
Experian Score: 100/100
Net worth: £1,064,000

Energy performance

The property has an EPC rating of A.

Proposal

Offers are invited in excess of £410,000 reflecting a net initial yield of 7.5% after costs on the passing rent of £32,000.

VAT

The property is elected for VAT and VAT will be chargeable on the purchase price, however it is anticipated that the sale will take place by way of the transfer of a going concern (togc).

Anti money laundering

The successful purchaser will be required to provide documentation to comply with Anti Money Laundering Legislation.

Misrepresentation act

Aws Ltd for themselves and for the Vendors and Lessors of this property whose agent they are give notice; i) These particulars are set as a general outline only for the guidance of intended purchasers or lessees and do not constitute, nor constitute any part of, an offer or a contract. Ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. Iii) No person in the employment of aws Ltd has any authority to make or give any representation or warranty whatever in relation to the property.

Anti-money laundering regulations

In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

Subject to contract