18-28 Victoria Lane, Huddersfield, West Yorkshire, HD1 2QF
Guide Price* : £1,200,000
Fully Let Retail Investment with Asset Management Potential
- High yielding retail investment comprising three shops and upper floors
- Potential to convert to residential use upon lease expiry (STPP)
- Potential for asset management on the ground floor
- Combined annual rent of £212,500
- Guide Price reflects a Net Initial Yield of 16.72%
The property comprises three retail units let to Peacocks, Savers and Argos. The property provides retail frontage onto Victoria Lane with storage to the upper parts. Argos occupy the majority of the upper floors which are used as storage in conjunction with their business.
The property has a number of lifts from an underground loading bay which is shared between the tenants.
Argos have vacated their unit and it is envisaged that the upper parts of the property would be suitable for conversion to residential use, subject to the necessary consents.
Victoria Lane is a popular, pedestrianised, retail location in the centre of Huddersfield. The street is particularly popular with discount retailers with Poundland being adjacent and the Piazza shopping centre being immediately opposite with tenants including WH Smith and Boots
Three Separate Long Leaseholds of 999 years
Please see the tenancy schedule under "Related Documents" and the Legal Pack for more information.
The property is let on three separate leases to Peacocks Stores Limited, Savers Health and Beauty Limited and Argos Limited.
The demise for the Peacocks and Savers leases is for the ground floor only, with limited storage to the first floor. The demise for Argos is across the ground, first and second floors.
We understand the property has been elected for VAT and that it is envisaged the sale will be dealt with as a TOGC
|Unit||Area (Sq M)||Area (Sq Ft)||Tenant||Start Date||Expiry Date||Break Date||Headline Rent (pa)||RR Date||Rent Review Mechanism||Comment|
|Unit 1||225.19||2,424||Peacocks||21/08/2019||20/08/2024||31/05/2021||£20,000||N/A||N/A||GF Only|
|Unit 2||184.69||1,988||Savers||26/06/2014||25/06/2024||N/A||£42,500||N/A||N/A||GF with small store to 1F|
|Unit 3||946.47||10,188||Argos||29/09/2012||28/09/2022||N/A||£150,000||N/A||N/A||GF with storage to the upper floors|
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2021
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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