81-82 Briggate and 10 Swan Street, Leeds LS1 6LH

HEYTEA - 81-82 Briggate and 10 Swan Street, Leeds LS1 6LH

Description

The property provides a Prime Long Income City Centre Retail investment opportunity located on Briggate, Leeds' best known prime retail pitch and thoroughfare.

The building comprises an attractive two storey retail unit of traditional masonry construction and a modern retail façade at ground floor with a partial return frontage. The total net internal area extends to 2,926 sq ft.

Internally the ground floor comprises a newly fitted customer serving and beverage preparation area. The basement level is predominantly used for storage and the first floor provides further storage and staff amenities. The main entrance to the store is located on the frontage to Briggate and there is a separate service entrance located on Swan Street.

The property is held Freehold.

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Attributes

Building area net

2,926 sf

Occupancy

100%

Total Annual Rent

£82,500.00

WAULT

13.2 years

Cap rate

7.25%

Asking price

£1,075,000

Media

Investment Highlights

The property is let in it's entirety by way of a Full Repairing and Insuring lease to Pudding & Morning Manchester Ltd (trading as HEYTEA) for an unbroken term of 15 years commencing 2 May 2024 and expiring 1 May 2039 (13.2 years unexpired).

Current passing rent of £82,500 per annum, subject to an upwards only rent review on the fifth anniversary of the term to the higher of OMRV or 107.5% of the passing rent, providing a guaranteed minimum rental uplift to £88,687 per annum in 2029.

We are instructed to seek offers in excess of £1,075,000 (One Million and Seventy-Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level equates to a Net Initial Yield of 7.25% assuming standard purchaser's costs of 5.82%.