The property is principally of two storey brick construction which is rendered to the front elevation and is beneath a pitched tiled roof. There is a single storey offshot at the rear which has a flat roof. The property also includes a rear garage. The ground floor accommodation is well proportioned and is occupied as a pharmacy and includes a well fitted-out sales area, with partitioned consulting room and staff area to the rear where there is also a toilet. The sales shop includes full width shop front with automatic double entrance doors. The pharmacy also occupies the adjoining property and the two premises are interconnecting at ground floor level.
The accommodation above the shop comprises a self-contained flat with its own rear access. The accommodation is to a good standard and includes kitchen, bathroom, separate WC, double bedroom and living room. All the accommodation is well decorated to neat and tidy standards. The windows are UPVC sealed unit double glazed and heating is wall mounted electric radiators. The property also includes a lock up garage which is situated in a terrace of garages in the service yard at the rear of the shopping parade.
Location
LOCATION - The property is located at the junction of The Avenue and King Lane in Alwoodley which is a popular suburban location approximately 4 miles to the north of Leeds city centre.
SITUATION - The property is situated on a busy shopping parade and has a prominent frontage to The Avenue. The parade forms one of two parades at the junction of The Avenue and King Lane which together provide excellent shopping facilities for this well favoured part of Leeds.
The parades include forecourt car parking for customers and there is also street parking available close by. The shopping parades are home to a good variety of both national and regional traders including Tesco Express, Cooplands, Craggs, St Gemma’s and Olive Branch, as well as a good variety of local businesses including a coffee shop, a barbers a pet shop, a letting agent, a nail and beauty salon and a Chinese takeaway. The shops are fully occupied and vacancies on these shopping parades are very infrequent.
Accommodation
Commercial - Sales including partitioned consulting room and rear staff area - 58.34 sq m (628 sq ft)
Residential - Self-contained flat comprising kitchen, bathroom, separate WC, double bedroom and living room.
Rear lock up garage
Terms
TENANCY DETAILS - The whole property is let to Sutton Chase Ltd on a 10 year lease from 10 January 2014 at a current rent of £15,750 pax. The lease is on full repairing and insuring terms and incorporates provision for an upward only rent review at the end of the fifth year. The lease also includes tenant break clauses at January 2016 (not exercised) and January 2021.
The lease was originally granted to Lloyds Pharmacy Ltd who have assigned to the current tenant and have provided an authorised guarantee agreement. The tenants have sub-let the flat on an assured shorthold tenancy.
TENURE - Freehold subject to the terms of the lease described above.
PROPOSAL - We are instructed to seek a price of £220,000 subject to contract.
VAT - The property is not elected for VAT purposes.
ENERGY PERFORMANCE CERTIFICATES - Energy Performance Certificates have been obtained for both the shop and the flat. The shop is assessed as F (126), and the flat as D (55). Copies are available from the selling agent.
Specification
- Located on a popular North Leeds parade
- Long established pharmacy use
- Let on FRI terms until January 2024
- Tenants break clause January 2021
- Producing a rent of £15,750 pax
- Rent review due January 2019
- Excellent scope for rental growth
- Price £220,000 subject to contract