18-20A THE GROVE, ILKLEY, WEST YORKSHIRE LS29 9EG

Garry Howes

[email protected]

Tel. 0113 218 2093

Nicky Visick

[email protected]

Tel. 0113 218 2095

18-20A THE GROVE, ILKLEY, WEST YORKSHIRE

LS29 9EG

Prime Freehold Retail Investment

INVESTMENT SUMMARY

Freehold retail opportunity in affluent Yorkshire

town

Rare opportunity to purchase in Ilkley’s 100%

prime retail pitch

Prominently situated on The Grove

Let to Viyella and Skipton and Craven Action

for Disability (SCAD) for a further 9.5 years and

7 years respectively

Currently producing £61,200 per annum

excluding VAT

Medium term asset management potential

Offers are invited in the sum of £1,300,000

subject to contract and exclusive of VAT

An acquisition at this level would show an

investor net initial return on 4.45%


LS29 9EG


LOCATION

Ilkley is an attractive prosperous town strategically located on the edge of

the Yorkshire Dales. Road communications are good with the A65 passing

through the town centre providing easy access to Leeds 27km (17miles) to

the south east, Bradford 22.5km (14 miles) to the south, and Harrogate

30.5km (19 miles) to the east.

The town also benefits from its situation on the Wharfedale railway line

which provides direct links to Leeds and Bradford and connections to the

national rail network making the town popular with affluent commuters.

SITUATION

The property is situated on the northern side of The Grove which is

considered to be the 100% prime retail pitch within Ilkely town centre.

Adjacent and near-by occupiers, include Bettys Tea rooms, Crew Clothing,

WH Smith, Skipton Building Society, White Stuff, Charles Clinkcard,

together with numerous local high quality independent retailers.

The towns principle car park (providing approximately 250 spaces) is

situated to the rear of the property with pedestrian access directly off The

Grove. On Street Parking is also available on The Grove to the front of the

property.

DESCRIPTION

The property comprises two adjoining mid-terraced retail units of stone

construction beneath a pitched slate roof. The front elevation provides an

attractive façade and to the rear elevation is a small three storey extension.

Accommodation is arranged over basement, ground and first floors.

The property was measured by the landlord’s agent in accordance with the

RICS code of measuring practice (5th edition) and we are advised that the

property provides the following Net Internal Areas.

PLANNING

The property benefits s from an A1 retail planning consent and is situated in

the heart of the designated primary shopping of the town centre


LS29 9EG


Address Sq M Sq Ft

18 The Grove GF Retail 31.49 338

(SCAD) GF ITZA 254

1F Sales 73.00 786

1F Ancillary 26.4 284

Basement 12.39 133

Subtotal 143.28 1,541

20A The Grove GF Retail 79.53 857

(Viyella) GF ITZA 552

GF Kitchen 4.04 43

Basement 45.65 491

Subtotal 129.22 1,391

TOTAL 272.50 2,932

TENANCIES AND RENTAL INCOME

The property is let to two tenants on effective FRI terms and currently produces a rental income

of £61,200 pa exclusive, rising to £62,578 pa exclusive with effect from 10 September 2012.

20A The Grove is let to Harris Watson Holdings Ltd t/a Viyella for a term of 15 years with effect

from 3rd May 2006 expiring 2nd May 2021. The current passing rent is £40,000 per annum

exclusive. The lease incorporates upward only rent reviews at each 5th anniversary of the term.

The May 2011 rent review is outstanding and no notices have been served by either party.

18 The Grove is let to Skipton and Craven Action for Disability (SCAD) for a term of 8 years with

effect from 10 Sept 2010 expiring 9 September 2018. The current rent passing is £21,200 per

annum exclusive and there is a fixed uplift in the rent with effect from 10th September 2012 to

£22,578 per annum exclusive. The lease incorporates an upward only rent review and a

tenant’s break clause on the 4th anniversary of the term.

TENANTS’ COVENANT

Harris Watson Holdings Ltd :

Skipton & Craven Action For Disability


LS29 9EG


Fiscal Consolidated

31 March 2010

Fiscal Consolidated

31 March 2009

Fiscal Consolidated

31 March 2008

Sales Turnover £84,114,000 £73,762,000 £64,277,000

Profit pre-tax £1,733,000 £948,000 £4,424,000

Tangible Net Worth £6,783,000 £9,316,000 £10,091,000

Fiscal Non-consolidated

31 December 2010


31 December 2009


31 December 2008

Sales Turnover £406,982 £331,950 £307,543

Profit (L) pre-tax £12,983 (£5,468) (£8,564)

Tangible Net Worth £223,483 £232,308 £237,676

Net Current Assets £107,451 £137,703 £141,526

TENURE

The property is held freehold and this is the interest to be conveyed

VAT

The property is elected for VAT. It is anticipated that the transaction will be treated as a TOGC.

PROPOSAL

We are instructed to invite offers in the sum of £1,300,000 (one million three hundred thousand pounds)

excluding VAT, in respect of our clients Freehold Interest.

A purchase at this level would reflect a Net Initial Yield of 4.45% after deduction of usual irrecoverable purchase

costs of 5.8%.

FURTHER INFORMATION

For further information or to arrange inspection please contact the sole selling agents, Gerald Eve:

Garry Howes Nicky Visick

[email protected] [email protected]

1 York Place, Leeds. LS1 2DR 1 York Place, Leeds. LS1 2DR

Tel: 0113 218 2093 Tel: 0113 218 2095

Date Issued: October 2011

Conditions under which these particulars are issued

All details in these particulars are given in good faith, but Gerald Eve for themselves and the

Vendors/Lessors of this property for whom they act give notice that:-

1. These particulars do not and shall not constitute, in whole or in part, an offer or a contract

or part thereof, and Gerald Eve have no authority to make or enter into any such offer or

contract.

2. All statements contained in these particulars are made without acceptance of any liability

in negligence or otherwise by Gerald Eve, for themselves or for the Vendors/Lessors.

3. None of the statements contained in these particulars is to be relied on as a statement or

representation of fact or warranty on any matter whatsoever, and intending purchasers must

satisfy themselves by whatever means as to the correctness of any statements made within

these particulars.

4. The Vendors/Lessors do not make, give or imply, nor do Gerald Eve or any person in their

employment have any authority to make, give or imply, whether in these particulars or

otherwise, any representation or warranty whatsoever in relation to the property.

The statement does not affect any potential liability under the Property Misdescriptions Act

1991.


LS29 9EG


Documents

18-20A THE GROVE, ILKLEY, WEST YORKSHIRE LS29 9EG