Retail premises for sale in 43 Ivegate, Bradford BD1

£250,000 (£206.78/sq. ft)
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Retail premises for sale

1,209 sq. ft*

Property description

Situation


The premises occupy a highly prominent corner location within Bradford City Centre at the junctions with pedestrianised Upper Millergate, Ivegate and Kirkgate.

The Kirkgate Shopping Centre (now Council owned) is directly opposite with the City Centre due to be further enhanced with the opening of Bradford Live (4,000 seater venue) and flagship Darley Street Market.

The ground floor forms part of the Sunbridge Wells bar / food complex, the success of which has prompted numerous other bars to open on Ivegate (including Ye Olde Crown, The Wine Lodge, Drum Winder etc).


Property/accommodation


The property is situated at ground floor level forming part of this prominently located and attractive Grade II Listed building.

The premises provide the following approximate floor areas:
Sq m Sq ft
Ground floor
Overall sales area (including staff kitchen) 112.3 1209
WCs - -


Rating


A search of the Valuation Office website reveals that the property has the following Rateable Values:-

Rateable Value: £30,250
Rates Payable (approx.): £15,094

Parties are advised to check with the local Rating Authority as to the precise current rates liability.


Investment details


The premises are let to Merkur Slots UK Ltd (Co No: 01038403) by way of a 15 year lease which commenced in July 2022 (expiring July 2037) - the rent commencement date is January 2024. The effective full repairing lease incorporates 5 yearly rent reviews and tenant’s break clauses.

The current rent received is £20,833.33 pa (+VAT), i.e. £25,000 pa.


Tenant background


Merkur Slots UK Ltd are one of the most progressive and expansive firms in recent times operating from over 325 locations throughout the UK with 30-50 store openings per year. The latest accounts showing a current positive cash balance of £8.7m and current assets of £18.7m (Source: Company Check), the Tenant having been established approx. 50 years ago.


Sale price


Offers in the region of £250,000 are sought for the Long Leasehold interest (999 years from November 2007 with fixed peppercorn rent) showing an investment yield of approx. 8.4%


Bradford city centre growth zone


We believe the premises are situated within the Growth Zone and as such, the occupier of the premises may be eligible for financial assistance. For further information please contact Invest in Bradford


Legal costs


Each party to be responsible for their own legal costs in this transaction.


VAT


We anticipate the sale being treated as a togc.


Energy performance certificate


The Energy Performance Rating for this property is C, a copy of the Certificate and Report is available upon request.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Sharma Williamson, LS28 on +44 1274 506652 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Sharma Williamson, and do not constitute property particulars. Please contact Sharma Williamson 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.

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