The property is situated in a terrace and is of two storey brick construction with a pitched blue slate roof, and includes a full width timber/glazed shop front with inset entrance door. The property provides excellent open plan retail space on the ground floor which is also partitioned to include a rear office and store room. The retail space has been fitted out by the tenant to a high standard in their usual corporate style. At first floor level, the accommodation, which again is mainly open plan, includes a large front office, a central well proportioned general office, a partitioned store room, a kitchen and ladies and gents toilet facilities.
Outside at the rear there is a small yard. The property enjoys the benefit of access rights to the yard via the passageway to the side of the adjacent property.
Location
Ripon is a Cathedral city situated in North Yorkshire approximately 12 miles north of Harrogate. The city has a population of approximately 17,000 (2011 census) and has a fine Cathedral, a popular racecourse and excellent shopping facilities centred around the market place, and as such is a popular tourist destination.
SITUATION - The property is situated on Westgate, close to Market Place and close to the junction of Westgate with High Skellgate in the city centre of Ripon, in a well favoured well favoured retail location. There are a variety of national and local retailers close by including Day Lewis Pharmacy which is situated next door, as well as HSBC, Yorkshire Building Society, Prezzo, and a Sainsburys convenience store. Ripon Town Hall is also close by.
Accommodation
The property has the following dimensions and net lettable floor areas:-
Built depth - 79 ft 2 inches (24.13 sq m)
Internal width - (front) - 16 ft 4 inches (4.97 sq m)
Internal width - (rear) - 15 ft 3 inches (4.62 sq m)
Ground Floor Sales - 1206 sq ft (112.04 sq m)
ITZA - 577 sq ft (53.60 sq m)
First Floor - Staff stores and office - 1131 sq ft (105.07 sq m)
Terms
TENANCY DETAILS - The property is let on a five year full repairing and insuring lease from 9 August 2016 at a rent of £XXX per annum exclusive. The lease is on full repairing and insuring terms and includes tenants break provisions at February 2018 (not exercised) and August 2019.
COVENANT INFORMATION - Hayes Travel Limited is the UK’s largest independent travel agent trading from over 100 retail stores and online. Based predominantly in the North East the business acquired Bath Travel Limited in October 2013 increasing its presence on the south coast of England. Hays Travel Limited receives a credit safe rating of A87/100, signifying “very low risk”.
In their latest accounts to the end of October 2016, Hays reported a turnover of £XXXm, pre-tax profit of £XXX m and shareholders funds of £XXXm.
TENURE - Freehold subject to the terms of the tenancy described herein.
PROPOSAL - We are instructed to seek offers in excess of £XXX subject to contract. A purchase at this price would show the buyer a net initial return of 7.41% allowing for usual purchaser’s costs.
VAT - The property is not elected for VAT purposes.
ENERGY PERFORMANCE CERTIFICATE - The property has an energy performance rating in Band D. A copy of the Energy Performance Certificate is available from the selling agents.
Specification
- Popular market town location
- Central position
- Well proportioned property
- Let to Hays Travel Ltd
- FRI terms expiring August 2021
- Current rent of £XXX pax
- Ideal easy to manage investment