Retail premises for sale in Austhorpe Road, Cross Gates, Leeds LS15
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Property description
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
Property info
* Sizes listed are approximate. Please contact the agent to confirm actual size.
For more information about this property, please contact
AWS Chartered Surveyors, LS14 on +44 113 482 9991 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by AWS Chartered Surveyors, and do not constitute property particulars. Please contact AWS Chartered Surveyors for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.