PRIME FREEHOLD RETAIL INVESTMENT FOR SALE

6/10 SPURRIERGATE, YORK

INTERNATIONALLY RENOWNED TOURIST DESTINATION AND HISTORICAL CATHEDRAL CITY

6/10 SPURRIERGATE | YORK

z York is an internationally renowned tourist destination and historic cathedral city attracting 6.9 million visitors per annum, contributing an estimated £608m per year (Visit York 2017) to the local economy.

z York’s 2018 retail expenditure totalled £1.694 billion and is forecast to grow at 2.9% pa over the coming 5 years, above the national average of 2.6%.

z Prime trading location on the pedestrianised Spurriergate opposite Zara, whilst in close proximity to H&M and TK Maxx. Sports Direct/Flannels are due to open in the former BHS soon.

z Freehold parade comprising 8,461 sq ft (786 sq m) of retail accommodation with potential for residential conversion on the upper parts, subject to planning.

z We are instructed to seek offers in excess of £3,400,000 (Three Million Four Hundred Thousand Pounds), subject to contract and exclusive of VAT which reflects a net initial yield of 7.51% after allowing for standard purchasers costs of 6.49%.

INVESTMENT SUMMARY

Huddersfield

6/10 SPURRIERGATE | YORK

LOCATIONThe city of York is a leading commercial and

administrative centre in North Yorkshire. The

historic City is home to the popular York Minster

and Roman Walls and is located 25 miles north

east of Leeds and 21 miles east of Harrogate

and 210 miles north of London.

York benefits from excellent communications

with the city’s ring road, the A64, leading directly

to the A1(M) motorway and further onto the

national motorway network.

Leeds Bradford International Airport is located

24 miles south west and offers direct flights to

over 75 international destinations.

York benefits from excellent transport

communications via rail on the East Coast

Mainline with direct services to Manchester

(1 hour 17 minutes), Edinburgh (2 hours 30

minutes), Leeds (23 minutes) and London Kings

Cross (1 hour 53 minutes).

A64

A64

A19

M62

M18

M62

M1

A19

6/10 SPURRIERGATE | YORK

DEMOGRAPHICSYork has a primary catchment population of 307,000 persons,

of which 60% are categorised within the most affluent ABC1

social groups. (PROMIS, 2018).

Total retail expenditure was estimated at £1.694 billion in 2018

and is forecast to grow at 2.9% per annum between 2018 and

2023, above the Promis average of 2.6% (PMA) and ranking

47th by this measure. This spending is supported by

circa 24,000 students studying at either The University of York

or York St John University.

Visit Yorkshire reported in February 2017 that annual visitor spend

was up 6% to £608 million on the previous year. Visitor numbers

are up 1.5% to 6.8 million and the number of jobs supported by

tourism has increased by 6% to 20,300, accounting for 1 in 5 jobs

in the City.

PRIMARY CATCHMENT POPULATION

TOTAL ESTIMATED RETAIL EXPENDITURE

York city centre has an approximate total retail

floorspace of 1.5 million sq ft (139,350 sq m).

The prime retailing is traditionally concentrated

along the pedestrianised Coney Street/ Spurriergate

where multiple retailers who have representation

include Boots, Zara, WH Smith and H&M. The prime

retailing is further complemented by Davygate,

Stonegate and Low Petergate. The streets interlink

together to create an extensive, vibrant and

aesthetically pleasing retail environment.

Anchor retailers in the city include Browns

Department Store, Debenhams, Fenwicks,

Primark and Marks and Spencer.

The city ranks 18th and 17th on the PMA Fashion

and Retail score respectively (PROMIS 2018).

The city has limited managed floor space, which

is concentrated on the 160,000 sq ft Coppergate

Shopping Centre anchored by Fenwicks and Primark.

6/10 SPURRIERGATE | YORK

RETAILING IN YORK

SPURRIERGATE

CENTRE CAFE

POUNDLAND FONE HUB

TO BE

NORTH

6/10 SPURRIERGATE | YORK

For Identification purposes only

SITUATIONThe subject property is situated in a prime trading position on

Spurriergate, close to its junction with Coney Street and Market Street.

Major retailers in the immediate vicinity include Boots, Zara and H&M.

Sports Direct/Flannels have acquired the former BHS store on Coney

Street and are due to open shortly.

The property benefits from a strong pedestrian footfall which forms part

of the principal retail circuit which leads on to the Coppergate Centre.

The property is highlighted in blue on the attached goad plan extract.

DESCRIPTIONThe property comprises 2 retail units arranged over basement, ground

and 3 upper floors. Both units are currently arranged to provide

sales accommodation at ground floor level together with ancillary

accommodation at basement, first, second and third floor levels. Access

to the rear is available via Low Ousegate and Church Lane which

are both public highways. Both properties are Grade II listed and are

situated in a conservation area.

Address Tenant Lease Start Lease Expiry Rent (PAX)Floor Areas EPC Rating

SQ FT SQ M

6 Spurriergate, York

Adden Limited t/a Leia.Guarantor - Wacoal Europe Limited

20/09/2006 19/09/2021 £125,000

Ground Floor Sales ITZA Basement Ancillary First Floor Second Floor Third Floor

1,064 534 992 821 418 341

98.84 49.61 92.15 76.27 38.83 31.67

D99

Total 3,636 337.79

8/10 Spurriergate, York

Telefonica O2 UK Limited t/a O2

28/02/2011 27/02/2021 £147,300

Ground Floor Sales ITZA Basement First Floor Second Floor Third Floor

1,305 609 1,105 1,265 620 530

121.23 56.58 102.65 117.52 57.59 49.23

D99

Total 4,825 448.25

Total Rent £272,300 Total Floor Area 8,461 786.04

ACCOMMODATIONThe floor areas for the 2 properties are set out in the tenancy and

accommodation schedule below.

6/10 SPURRIERGATE | YORK

TENANCIESThe property is let to 2 tenants producing a current rent of £272,300 pa.

The wault is currently 2.09 years to expiry.

TENUREThe title to the whole property is freehold registered with title absolute on title

number NYK201475.

COVENANTLeia are a lingerie and swim wear designer and retailer. The company currently

trade from this store in York which deals with all of thier website sales and

distribution. O2 are a commercial brand of Telefonica UK Ltd and is a leading

digital communication company. O2 has over 450 stores in the UK and this is the

company’s only shop in York City Centre. The principal accounting information is

set out below.

Telefonica UK Limited

31/12/2015GBP

31/12/2016GBP

31/12/2017GBP

Experian Score

Turnover 5,393,000,000 5,241,000,000 5,471,000,000

96Pre-tax profit 1,405,000,000 545,000,000 534,000,000

Net Worth 647,000,000 516,000,000 543,000,000

Adden Limited

31/03/2016GBP

31/03/2017GBP

31/03/2018GBP

Experian Score

(Guarantor - Wacoal Europe Limited)

Turnover 3,824,000 3,259,000 3,601,000

49Pre-tax profit 515,000 283,000 5,000

Net Worth -2,262,000 -2,023,000 -2,013,000

Wacoal Europe Limited

31/12/2015GBP

31/12/2016GBP

31/12/2017GBP

Experian Score

Turnover - - -

100Pre-tax profit -204,000 2,713,000 9,670,000

Net Worth 3,067,000 5,829,000 15,400,000

6/10 SPURRIERGATE | YORK

EPCThe property has an EPC rating as detailed in the

tenancy and accommodation schedule. An EPC for

the property can be provided on request.

VATThe property is elected for VAT purposes. It is

anticipated that the investment sale will be treated

as a Transfer Of A Going Concern (TOGC).

PROPOSALWe are instructed to seek offers in excess of

£3,400,000 (Three Million Four Hundred Thousand

Pounds), subject to contract and exclusive of VAT,

which reflects a net initial yield of 7.51% after

allowing for standard purchasers costs of 6.49%. The

sale price will reflect a capital value of £402 per sq ft.

Recent transactions include the sale of 15/17 Market

Street York (Superdrug) in January 2019 for £4.675m

which reflected a net initial yield of 5.82% and a

capital value of c. £322 per sq ft.

6/10 SPURRIERGATE | YORK

Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements of representations of fact but satisfy

themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss has any authority to make or give any representation or warranty whatever in relation to this property. 101556. Designed by TCC 04/19.

For further information or to arrange

an inspection please do not hesitate to

contact:

PHILIP HAY

020 7637 7100phay@jacksoncriss.co.uk

MICHAEL JAMESON

020 7637 7100mikej@jacksoncriss.co.uk

6/10 SPURRIERGATE | YORK