Attractive Retail Investment within the historic City of York
19 Market Street | York | YO1 8SL
subject to contract
Attractive retail investment within the centre of York
Cathedral city of York; a major tourist destination
Prominent retailing position
Let to Rush Hair (hair and beauty salon)
Grade II listed building
VAT free investment
£478,000, subject to contract
7.5% net initial yield
8.0% yield in September 2022
York is located approximately 314 km (195 miles) north of London, 290 km (180 miles) south of Edinburgh, 40 km (25 miles) north east of Leeds, 105 km (65 miles) north east of Manchester and 35 km (22 miles) east of Harrogate.
The City benefits from good road communications, being situated approximately 21 km (13 miles) south east of Junctions 44, 45, 46 and 47 of the A1(M), accessed via the A19, A154 and the A64. The A1 (M) provides further access to the M1 and M62 motorways.
The City is connected to the national railway network with a fastest journey time to London Kings Cross of approximately 1 hour 45 minutes. Leeds / Bradford International Airport is situated approximately 38 km (24 miles) to the south west.
York is a highly popular tourist destination and a historic cathedral city located on the Ouse and Foss rivers, reportedly founded by the Romans in the first century AD, then taken over by the Vikings. The city has played a key role throughout British history. York is reportedly one of the UK’s most popular tourist towns, boasting numerous attractions including York Minster, Yorkshire Museum, York Castle Museum, York City Walls, the Jorvik Viking Centre, Betty’s Tea Rooms, the National Railway Museum, York Art Gallery and York’s Chocolate Story.
The property is situated on the southern side of Market Street close to the junction with Feasgate, just off Parliament Street and within the core retail are of the city.
The property occupies a prime position being next to Superdrug and opposite Costa Coffee.
Other tenants in the vicinity include Sainsbury’s Local, Zara, Starbucks, Sports Direct, Boots, TK Maxx, Nando’s, The Disney Store, HSBC, H&M and Café Nero.
The property comprises a charming period Grade II listed terrace building arranged over basement, ground and two upper floors.
The ground floor comprises a “Rush Hair & Beauty” salon with a sales area to the front and a staff room, kitchen, storeroom, office and WCs to the rear. There is also a separate room used for hair washing. The basement is accessed by a hatch within the floor.
The upper floors comprise of self-contained residential accommodation and are accessed via a door the left of the retail unit. The upper floors are to be retained by the vendor on a long leasehold of 999 years at a peppercorn rental; planning permission has been obtained to convert this area of the property to residential accommodation.
The property has been measured by BKR Floor Plans and provides the following accommodation:
|Net Frontage||7.09 m||23’3”|
|Gross Frontage||8.84 m||29’|
|Zone A||35.39 sq m||381 sq ft|
|Zone B||46.54 sq m||501 sq ft|
|Zone C||33.44 sq m||360 sq ft|
|Remainder||19.23 sq m||207 sq ft|
|Ground Floor ITZA||747.38 units|
|Total Ground Floor||134.61 sq m||1,449 sq ft|
|The upper parts are to be retained by the vendor and have the following floor areas|
|First Floor||47.19 sq m||508 sq ft|
|Second Floor||30.84 sq m||332 sq ft|
The entire property has a total NIA of 212.65 sq m / 2,289 sq ft and a total GIA of 287.43 sq m / 3,094 sq ft
A set of floor plans is available to download and will be re-addressed to a purchaser at a cost of £375 + VAT.
The ground and basement is let to Rush Franchising Properties (Six) Limited (13066329), assigned from Rush Hair Limited (0377437), on a full repairing and insuring lease for a term of 10 years from 27th April 2016, expiring on 26th April 2026. Therefore, there are approximately 4.5 years unexpired.
The lease was varied in October 2020:
a. A Covid clause was inserted reducing the rent to £0.00 if the property was forced to close as a result of a mandatory Covid prevention measure.
b. The rent was rebased as follows:
i. Rent free 25.03.2020- 28.09.2020
ii. Rent 29.09.2020- 28.09.2021: £35,000
iii. Rent 29.09.2021- 28.09.2022: £37,500
iv. Rent 29.09.2022- term expiry: £40,000
c. Rent to be paid monthly in advance from 29.09.2020
d. Rent review was removed
e. Break option was removed
With over 20 years’ experience, Rush Hair has grown to 49 company owned hair and beauty salons and 14 franchise salons.
Rush Hair are a well-known brand offering hair and beauty treatments all over the United Kingdom.
For further information visit www.rush.co.uk
The lease was assigned in February 2021 from Rush Hair Limited (03774837) to Rush Franchising Properties (Six) Limited (13066329).
The most recently reported accounts for Rush Hair Limited (03774837) are:
|31 March 2018||31 March 2017|
|Total Net Worth||£2,769,000||£2,401,000|
There are no accounts yet published for Rush Franchising Properties (Six) Limited.
There are no rent arrears. A payment history is available to download.
The property has not been opted for tax and therefore Value Added Tax will not be payable on the purchase price.
We are instructed to seek a figure of £478,000 (Four Hundred and Seventy Eight Thousand Pounds) subject to contract. This price reflects a net initial yield of 7.5% rising to 8.0% in September 2022 assuming purchasers’ costs of 4.60%.
Please note that a purchaser will be re-charged the costs of searches (£1,231.68) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.00% plus VAT of the final agreed sale price.
An opportunity to acquire an attractive retail within York city centre;
A Cathedral City which is a major tourist attraction;
Let to Rush Hair Ltd (hairdressers and beauty salon);
The property occupies a prominent position with a busy footfall;
Grade II listed, hence no empty rates are payable;
Attractive lot size to an investor for a private investor;
Attractive yield profile.
Data Room and clicktopurchase®
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