Impact of Covid-19 on Property Management
Since the outbreak of Covid-19, BHT along with the other member firms of the PAI network of independent surveying firms across the UK have been comparing their experiences in their property management departments. With the March Quarter day falling at the start of the lockdown, it is unsurprising that rent collection has become more challenging in recent weeks. The data that has been collected from across the PAI network is helping us to understand how the UK property market has reacted and continues to behave in these unprecedented times. The statistics have been shared with various members of the property profession from British Property Federation and Civil Servants to the Ministry of Housing, Communities and Local Government who are tasked by the Government to understand the impact of corona virus on the commercial property sector. For any property management advice please contact David Brackenridge on 0113 244 9020 or firstname.lastname@example.org.
Industrial Investment Acquisition York
On behalf of a private SIPP investor, we acquired 9-20 Alan Farnaby Way, Sheriff Hutton Industrial Estate, York, YO60 6PG, a detached freehold warehouse extending to 566 sq.m (6,088 sq.ft) for £505,000. Simultaneously with the acquisition of the freehold, Solinear Ltd entered a new 10 year FRI lease with a break at the 5th year at a rent of £40,000 pax which equates to £6.50 psf. McBeath Property Consultancy Ltd acted for the vendor and introduced the tenant Solinear. David Brackenridge commented this was an excellent deal for all parties, our client wanted to secure an investment opportunity. The owner just wanted to sell and Solinear who were already on the estate wanted to expand into a larger unit.
Industrial Investment Acquired - Aberdeen
On behalf of a Family Property Company, we have completed the purchase of Cut House on Aberdeen Energy Park, Aberdeen. The property is a modern (2008 built) industrial unit on a 1.25 acre site let for 10 years to Cutting Underwater Technology Ltd with annual RPI rental increases. The property was secured for a net initial yield of 9.43% after allowing for purchasers costs. The deal supports our aim of sourcing and acquiring good quality investments across all sectors, particularly targeting the £500,000-£5 million lot size.
Prime Shop Let - High Street, Northallerton
On behalf of a private client we have successfully completed the letting of 174 High Street, Northallerton to Brook Taverner Ltd for 10 years at a rent of £60,000 pax. The shop occupies a prime position on the busy high street with nearby occupiers including Bettys Tea Room, Costa Coffee, M&Co and HSBC. This deal shows that despite current uncertainties surrounding retail, there is still a demand in strong market towns.
Industrial Sale - Seacroft, Leeds
On behalf of a private investor we have successfully completed the long leasehold sale of Precision House in Seacroft. The property is located in a prominent location adjacent to the ring road in the Seacroft area of North Leeds. Dating from the 1950s the building comprises 15,170 sq ft. of detached industrial unit and was sold for £650,000 to an owner occupier, moving from leasehold premises in Thorp Arch. Despite the current market uncertainties, the deal represents the high level of demand for occupiers to take advantage of continued low interest rates and invest in their own premises.
Prime Shop Sold - 102 Station Road, New Milton
Acting jointly with Cowling & West we have sold the above freehold prime retail premises with vacant possession for £261,000 to Arlington Limited. The shop occupies a prominent trading position in the centre of New Milton with nearby occupiers including Boots, Superdrug and Bradbeers Department store. The property comprises a ground floor retail unit with a self-contained 3 bed flat on the first and second floor.
Unit 1, Eden Park, Malton
On behalf of the Gauntlett & Hill Trust we have acquired the above freehold warehouse investment for £460,000 reflecting a net initial yield of 6.25%. The property is new build and forms part of the new Eden Business Park which enjoys excellent access just off the A64 on the outskirts of Malton. The property comprises 464.5 sq m. (5,000 sq ft.) and forms the end unit of a terrace of 4 units. The unit is let to MDSM Ltd who are a wholly owned subsidiary of a large agro chemical company at a rent of £30,000 pa. on a 10 year lease from August 2019. Being in the agricultural industry, the location is ideal to serve the Vale of York and surrounding areas. The vendor CDP Ltd were represented by AWS.
Industrial Unit Let to Wagamama Ltd
Acting on behalf of retained private clients BHT have successfully let Unit 22 Penraevons Industrial Estate following high levels of interest. The unit on the popular light industrial estate, located off Meanwood Road, LS7, has been let to Wagamama Ltd who intend to fit the 1,774 sq. ft. unit out as a commercial kitchen and trade as a Dark Kitchen similar to the likes of Deliveroo and Uber Eats offering a delivery-only service, utilising the estates easy access to the City Centre population and surrounding suburbs. Wagamama have signed a new 6-year term at a rent of £13,500pax with a break option and review at the expiry of the 4th year of the term.
9-11 Station Square, Harrogate
On behalf of private clients, have successfully completed the letting this prime shop to MD Trading (Harrogate) Ltd. The property is let on a 10 year on a rising rental commencing at £60,000 pax rising to £70,000 in year 5. There is a rent review at the end of the fifth year. The property occupies a prominent location fronting Station Square which forms a natural extension of James Street. Notable retailers close by include The White Company, Waterstones, Jack Wills, Topshop, River Island and Marks & Spencer as well as leisure operators including Everyman Cinema which includes a number of well-known bars and restaurants.
Industrial Letting - Manchester
On behalf of a retained private family trust we have successfully let the above unit to CLC Car Sales (North West) Ltd. for a term of 10 years at £60,000 pax. with a tenant only break option on the 3rd and 5th anniversaries of the term and a rent review on the 5th anniversary of the term. The property comprises a modern, well specified industrial unit proving a total GIA of 9,870 sq. ft. and is situated within a mile of J24 of the M60, approximately 5 miles south east of Manchester City Centre. The letting follows the recent letting of the adjacent unit to Howdens.
Building bought & let simultaneously
On behalf of a private investor we have acquired and simultaneously let the former Weir Group Building, Barton on Humber. The property is situated on the south bank of the River Humber close to the Humber Bridge and comprises two buildings that form a modern engineering facility totalling 2,368 sq. m. (25,491 sq. ft.). The freehold was acquired with vacant possession for £710,000 and Clark Weightman represented the vendor. The letting to Jacobs U.K. Ltd. was for a term of 5 years at a rent rising from £80,000 pax. in year 1, £82,500 pax. in year 2 and £85,000 pax. in years 3-5. Jacobs U.K. Ltd. relocated from Grimsby and were seeking an engineering facility so the property ideally matched their requirements. Cushman & Wakefield represented the tenant.
Industrial Letting - Brighouse
Acting on behalf of Harpenden Holdings, we have successfully completed the letting of Unit 2, Royds Mill in Brighouse to Light n Easy Appliances UK Ltd. on a new 3 year lease at £16,000 pax. (£6.54 psf). The property is situated approximately 2 miles from Junction 25 of the M62 within the thriving main industrial area of Brighouse and approximately 100m from Brighouse train station. The unit is a modern steel portal unit providing a total GIA of 2,445 sq. ft.
Industrial Letting - Hawes, North Yorks
On behalf of a private client, we have successfully let Unit 4B, Upper Wensleydale Business Park, Hawes, North Yorkshire to The Original Cottage Company Ltd. on a new 3 year lease at £5,200 pax. (£5.28 psf). The property is a modern semi detached industrial unit, built in 2010. The property is situated approximately mile from the town centre of Hawes which is regarded as one of the honeypot tourist attractions of the Yorkshire Dales National Park.
Office & Workshop Acquisition
Acting on behalf of a private pension fund, we have acquired a multi-let office and industrial unit on York Road Industrial Estate, Malton. The unit is a modern office and industrial premises which was developed in 2008 and offers good quality space let to both Practice Supplies Ltd and Malton Specialist Cars. York Road is a popular established industrial location servicing York and the Yorkshire coastal area. Occupiers on the estate include Screwfix, Andrew Page, BMW, Volvo and Ripon Farm Services.
Acting on behalf of a private property company, we have acquired 2 units on Fairway Industrial Park, Birstall let to OCS Group t/a Cannon Hygiene. The units total 8,084 sq.ft and offer modern industrial units with yards. Ideally located within 1 mile of junction 27 of the M62, the units are well located for servicing the Leeds, Bradford and wider West Yorkshire areas. Upon lease expiry there is an opportunity to re-let and benefit from the current high demand for industrial units within the area. Savills acted for the vendor.
Investment Sale - 18 James Street, Harrogate
On behalf of 3D Developments Ltd we have sold the above prime freehold retail investment to a private investor for £1,587,500 reflecting a net initial yield of 5.65%. The property is located in the heart of the fashionable spa town of Harrogate in a prime corner location on James Street and Cross James Street which forms the pedestrian link from James Street to Market Place and Cambridge Street. It is situated within short walking distance of the train station and behind the Victoria shopping centre. Following the demise of East, BHT relet the property to Trespass Europe Ltd on a 10 year FRI lease from 8th October 2018 at a current rent of £95,000 pax. Steven Goode & Company acted on behalf of the purchaser.
Investment Acquisitions Poulton Le Fylde
On behalf of a private investor we have acquired Units 1-5 Furness Drive, Poulton Le Fylde at a price of £1.1 million reflecting a net initial yield of 8.91%. The property is located in a prominent position on the thriving Poulton Industrial Estate, adjacent to a busy Lidl supermarket and comprises 5 industrial units with a combined total size of 2586 sq. m. (27,835 sq. ft.). The units are let to a variety of warehouse and trade users on short term leases with units 3 & 4 let to one tenant on a single lease. Wimbush Real Estate acted for the vendors, Fortlands Ltd.
Investment Purchase Leeds
On behalf of a private property company we have purchased George Mann Way, Leeds for a total consideration of £3.2 million. The property is let to Troy Foods Ltd for an unexpired term of 6 years with fixed rental uplifts. The property is a mid-2000s constructed industrial unit which the tenants have fitted out to food standard. The property is located off Pontefract Road within 1 mile of Junction 44 of the M1 and 0.4 miles of Junction 6 of the M621.
Investment Sale - Carolgate House, Retford
On behalf of Fairfax Securities Ltd we have sold the above retail investment to Goldleaf Property Investments. The property, which is let to Card Factory and Crawshaws Butchers at ground floor, with the upper floors let to a local dance school, was producing an income of £69,000 pax. A price of £770,000 equating to 8.5% was achieved.
Investment Sales - Blackpool & Doncaster
Acting jointly with Allsops LLP, on behalf of a private client, we have sold the above two retail investments. 49 Market Place, Doncaster let to Ladbrokes Betting & Gaming Ltd at a rent of £45,000 pax was sold for a price of £500,000 equating to 8.6%. 17 Birley Street, Blackpool let to Toni & Guy (North) Ltd at a rent of £25,000 pax was sold for a price of £230,000 equating to 10.6%.
Office Sale - 4 Clayton Wood Court, LS16 6QW
On behalf of retained clients, Rawdon Optical, we have sold the freehold detached office building extending to 3,950 sq.ft. together with on-site parking at a price of £340,000. The purchaser, a local construction company, intend to refurbish the building, occupy part and let the remaining space
Investment Acquisition - 6/8 High Street, Stokesley
Acting jointly, Brackenridge Hanson Tate and Naylors have acquired the above freehold retail investment for Dalehead Properties Ltd. Stokesley is a prosperous North Yorkshire market town. The property is let to Heriot Hospice Homecare at a rent of £25,000 pax and is well located in the town adjacent to Boots. A price of £320,000 was paid, reflecting a net initial yield of 7%.
Industrial Letting - Manchester
Acting on behalf of a retained private family trust, we have successfully let Unit 4, Orbital Way, Denton, Manchester to Abpac Ltd on a new 5 year lease at £60,000 pax (£6.08 psf). The property is a well specified, modern industrial unit located within of a mile of J24 of the M60. Abpac Ltd intend to establish their northern hub within the unit as part of their expansion from the South West.
Retail Redevelopment - Ilkley
On behalf of ATC Properties we have acquired 5/7 Brook Street, previously occupied by Yorkshire Bank, with vacant possession. Planning permission has just been granted for the extension of the ground floor to provide 2 ground floor retail units with residential accommodation above.
Prime Shop Let - Dorchester, Dorset
On behalf of private clients, we have successfully completed a letting to JoJo Maman Bebe Ltd of this prime shop on the pedestrianised area of this affluent market town. There were a number of interested parties and we were able to agree a rent in excess of £50,000 pax on an unbroken 10 year term.
Prime Shop Let - Doncaster
On behalf of Woodhead Investment & Development Services Ltd, we successfully let the ground floor of this substantial retail property to the national hearing aid retailer, Amplifon Ltd. The shop has a prime location on St Sepulchre Gate opposite the Frenchgate Centre. A rent in excess of £38,000 was achieved.
Prime Shop Let - Ilkley
On behalf of private investor clients, we advised on the combination of two retail units on The Grove and agreed a pre-let to Fat Face, who have relocated in the town.
Prominent Shop Let - 19 Kirkgate, Leeds
On behalf of Woodhead Investment & Development Services Ltd, we successfully let the above property, being on the busy cut-through between the prime area of Leeds, Kirkgate Market and Victoria Gate development. The tenant, Cash Converters, are paying a rent in the region of £70,000 for a term of 5 years.
Prime Shop - Ilkley
We successfully let this prime shop on The Grove to Paperchase who have completed an excellent shopfit and report excellent trading. There was good interest in the shop and a rent in excess of £60,000 pax was achieved for an unbroken lease of 10 years.
Prime Shop Let - Sherborne, Dorset
On behalf of retained private clients we have successfully let a shop to Mountain Warehouse at a rental of £50,000 pax for a term of 10 years without a break. The property was not formally marketed but individual multiple retailers targeted and this resulted in best offers from 3 parties. Another success in this picturesque Dorset town.
Investment Acquisition - Buttermarket St, Warrington
On behalf of clients we have acquired the above retail investment. The property occupies a prominent location in Warrington Town Centre, directly opposite an entrance to the proposed Bridge Street Quarter development, a joint venture between Muse Development and Warrington Council with a value of £107 million. The property comprises 3 shop units let to Heron Frozen Foods, Waterfields (Leigh) Ltd and Salvation Army Trading Co producing a rental income of £88,700 pax. A price of £900,000 was paid for the investment reflecting a net initial yield of 9.3%.
Industrial Letting Skipton
On behalf of John Binns & Sons Ltd, we let the Steel, Barrett and Pennine Buildings on Airedale Business Park in Skipton to Airedale Solution Ltd, on 3 separate leases, at a combined rental of £83,345 pax on identical lease terms being 7.5 years with a rent review at the end of the 4th year. The buildings are modern steel portal frame warehouses providing a total GIA of 17,069 sq.ft.
Retail Investment Acquisition - Hexham
On behalf of an offshore private investor, we have acquired the retail investment at 16/20 Fore Street, Hexham from the Administrator. A price of £1,010,000 was paid reflecting a net initial yield of 5.9%. The property is an attractive Grade II Listed building occupying a prime position on Fore Street offering ground floor sales of approximately 303 sq.m. (3,259 sq.ft). It is let in its entirety to White Stuff Ltd on a 10 year FRI lease from September 2015 at a current rent of £63,000 pax subject to an upward only review in September 2020 and a tenants only break clause in September 2021.
Leisure Investment Acquisition - Walsall
On behalf of a private investor we have purchased the above retail/leisure investment producing an income of £190,500 pax. The property occupies a central location within the leisure circuit in Walsall and the principal tenants are Yates (Hops Pub Co Ltd) and Whitbread plc. The property was purchased from the Receiver at a price of £1,675,000 reflecting a net initial yield of 10.75%. Since acquisition, we have re-geared and extended the lease to Yates. We have taken a surrender of the lease to Whitbread and are now offering this part of the property for sale/to let.
Retail Investment Sold - Albion Square, Skipton
On behalf of private clients we have sold this attractive retail investment let to Bizzie Lizzies Restaurant and Dalesway News with a total income in the region of £46,000 pax. There was good interest in the investment and a price reflecting a net initial yield of 5.8% was achieved.
Investment Sale - Town Street, Horsforth
Acting jointly with Smith & Company, on behalf of Jack Lunn Properties, we have sold two retail properties to Westcourt Properties Ltd. 14 Town Street is let to Cancer Research at £19,750 pax and 68/72 Town Street is let to Barclays Bank and Thomas Cook at a combined rent of £51,300 pax. A total price of £965,000 was paid, reflecting a net initial yield of 6.96%.
1 Blenheim Court, Leeds - Sale
On behalf of the Black Family Trust we have sold the above office property for in excess of £750,000. The property, which comprises 5,625 sq.ft. with 14 parking spaces, is situated on the edge of Leeds City Centre close to Leeds University. The purchasers, Harrisons Developments, have acquired the property with a view to medium term redevelopment.
Shop Letting - Sherborne, Dorset
We dont only deal with properties in Yorkshire but nationally having recently completed a letting of a prime shop in Sherborne to the quality multiple retailer, Crew Clothing Company. There was competition for the shop with the rent finally achieved well above asking!
Investment Sold - 17/21 Market Place, Sheffield
Acting jointly with Lane Walker we have sold the above retail investment. The property, which is located in an extremely prominent City Centre location, comprises 3 ground floor shop units let to Greggs plc, Card Zone and Bet Extra producing an income of £84,300 pax. The vendors, Hartshead Developments, are currently developing the upper floors into residential apartments. The property was sold to a private investor in Manchester for £885,000 reflecting a net initial yield of 9%.
Prime Shop Let Louth
On behalf of private clients we have let 25 Market Place extending to 964 sq.ft. at ground floor and 460 sq.ft. at first floor to Lincolnshire Co-operative Ltd to trade as a travel agency. The lease is for 10 years subject to a rent review and a break at the end of the 5th year at a rental of £19,000 pax.
Leeds Warehouse Let
On behalf of Rawdon Optical, we have successful sub-let a warehouse on Low Lane in Horsforth extending to 2,500 sq.ft. at a passing rent of £14,500 pax to the expanding business, Ignite Gascare Ltd.
31 Station Road, Ashington Retail Letting
Acting jointly with @Retail, we have successfully negotiated the letting of this prime shop to CEX Franchising Ltd at a rental in the region of £20,000 pax for a term of 10 years subject to a tenant only break at the end of the 5th year. Cameron Trafford, Birmingham acted on behalf of the tenant.
RETAIL INVESTMENT ACQUIRED ILKLEY
On behalf of ATC Properties Ltd, we acquired a prominent parade of shops including 4 retail units let to both national and local retailers. Ilkley continues to be popular with investors as the demand for units from multiple retailers continues to be strong.
SHIPLEY PUB LETTING
Acting jointly with Banks Long, Lincoln (a fellow PAI agent), we have recently completed a letting of The Hockney in Shipley to a local multiple operator. A rent in the region of £40,000 pax was achieved for a lease of 5 years.
Guiseley Investment Sold
On behalf of Pension Fund clients we have sold 32 Otley Road, Guiseley, a small retail investment, at a price in the region of £190,000. The property is let to Dacre Son & Hartley for a term of years expiring March 2020 at a rent of £14,500 pax.
Keighley Investment Sold
On behalf of Pension Fund clients we have sold 75 North Street, Keighley, a small retail investment, at a price in the region of £100,000. The property is let to Dacre Son & Hartley for a term of years expiring November 2026 at a rent of £8,000 pax.
Prime Retail Shop Let - Hexham
On behalf of the Skipton Building Society we have secured a letting of a prime shop on Fore Street to the multiple travel agent, Hays Travel. The shop has a ground floor sales area of 1,000 sq.ft. and a rent was achieved in the region of £27,000 pax.
Ripon Investment Sold
On behalf of Pension Fund clients, we have sold 10 Queen Street, Ripon, a small retail investment, at a price in the region of £200,000. The property is let to Dacre Son & Hartley for a term of years expiring January 2020 at a rental of £13,000 pax. The purchaser was advised by Montpellier Property Consultants, Harrogate.
Worksop Prime Shop Letting
On behalf of a London based property company we have successfully let the former Thomas Cook unit to CEX, the expanding electronics retailer. The rent achieved was in the region of £25,000 pax for a lease for a term of 10 years subject to a tenant only break at the end of the 5th year. Cameron Trafford, Birmingham acted for the tenants.
William Hill Move into Louth
On behalf of a small property company, we have successfully completed a letting of 58 Eastgate, a prime shop in this Lincolnshire market town to William Hill. The shop forms part of a small parade with the other occupiers being Age UK and Co-op Pharmacy.
Investment Acquisitions Carmarthen & Berwick
Acting jointly with Mike Smith& Company, we have acquired Unit 1 Parc Pensarn, Stephens Way, Carmarthen and 52 Northumberland Road, Berwick upon Tweed on behalf of Jack Lunn Properties at a price of £2.1 million reflecting a net initial yield of 7.36%. The properties were acquired on a sale and leaseback from Farm Foods Ltd who took new 20 year leases, paying a combined rental of £165,000 pax with the first rent reviews being geared to OMV or 2.5 per annum compound, whichever is the higher. Carl Wright of Jack Lunn Properties said the acquisition of these properties fitted perfectly with the current investment strategy to acquire two new retail stores let to a 5A1 covenant at an attractive yield.
Sale of St. Martins House, Leeds City Centre
Acting jointly with Alder King, Bristol, we have sold the above office building to Wilton Developments Ltd. The property, which was built in the late 1970s comprises approximately 18,000 sq.ft. of office accommodation over 5 floors with basement car parking for 12 vehicles. It is let in it entirety to Lyons Davidson Solicitors at a current rent of £300,000 pax on FRI terms with the lease expiring in October 2029. The investment was sold for £3.3 million reflecting a net initial yield of 8.59%. GVA acted for Wilton Developments.
Investment Acquisition - Benson Road, Poole
Acting jointly with London & Clancy, a fellow PAI member, we have acquired the above freehold industrial investment for Ankers & Rawlings Developments Ltd. The property comprises a modern warehouse of 2,443 sq.m. (226,293 sq.ft.) on a 1.53 acre site and is prominently situated on the Nuffield Industrial Estate. The property benefits form a short term income stream from Palmer & Harvey and a sub-tenant, Hansatech but it is the clients intention to under a refurbishment of the property and re-let. Mason Philips acted for the vendors, Ashbourne Cedar Property Ltd.
Prime Retail Investment Sold
On behalf of London based Trust clients, we have successfully sold 40/48 Great Darkgate Street, Aberystwyth. The property is let to Edinburgh Woollen Mill for a term expiring 2018 at a rental of £75,000 pax. The purchasers were advised by JLLs Bristol Office.
Sold - 10/12 The Headrow, Leeds
On behalf of Pickards (Leeds) Ltd we sold the above investment to a private investor for his SIPP. The property, which comprises a ground floor shop unit with upper floors sold off long leasehold for residential, is let to a private individual t/a Paw Prints on a 5 year lease from May 2013 at an initial rent of £42,000 pax rising in May 2015 to £44,000 pax. The investment was sold for £499,000 reflecting a net initial yield of 8.42%.
North Leeds Office Building Sold
On behalf of corporate clients, we have successfully concluded the sale of a detached office building at Clayton Wood Court, adjoining the Ring Road to the north of the City. The modern accommodation is split into two semi-detached buildings with the purchasers, a group of wealth managers, intending to refurbish the whole property, occupy half and let the remainder.
Prominent Harrogate Letting
On behalf of private clients we have successfully concluded the letting of a substantial Victorian retail property to the successful Carluccios restaurant chain. The letting wasnt without difficulty as change of use planning permission was refused by the Local Authority but was won at appeal and the restaurant has been a great success since its opening, being in the top 10 throughout the country.
New Convenience Store Burley in Wharfedale
We have recently completed the letting of a former carpet showroom to the Co-op as a convenience store. The property fronts the main street within a Conservation Area and extends to approximately 3,000 sq.ft. with 7 car parking spaces.
Retail Unit Let - 17 Grove Promenade, Ilkley
On behalf of private clients we have let this prominently located shop to Georgia Antonia Ltd t/a Zinc Ladieswear without placing it on the market. The retailer has other shops throughout the North of England and sees Ilkley as an extension of his quality fashion business. The retail market in Ilkley remains very buoyant.
Retail Investment Sold - 30 Brook Street, Ilkley
On behalf of private clients we sold the above property, let to Linley & Simpson Estate Agents, to a local private pension fund at a net yield in the region of 7%. There was a good demand from local investors.
Substantial Vacant Freehold Shop Acquired - Barnard Castle
On behalf of retained private clients we have acquired 18-18a Horsemarket which was formerly occupied by Co-op Bank with vacant upper floor offices. A full refurbishment of the accommodation will be carried out with a separate letting of the ground floor shop and self-contained upper parts.
Prime Industrial Unit Sold - Roundwood Industrial Estate
On behalf of our private client, we recently completed the sale of a substantial industrial unit. The unit sits on a prominent site just off Junction 40 of the M1. There was a good demand for the property and a sale was agreed at £450,000.
Letting - 8 Woodhouse Square, Leeds
We are delighted to have successfully completed the letting of 8 Woodhouse Square to Candlelighters, on behalf of West Yorkshire Society of Architects. The beautiful Grade II listed building will be used as a charity fundraising centre, alongside a drop-in and rehabilitation centre for children suffering with cancer.
Retail Letting - 1 Keighley Road, Skipton
We have successfully completed the letting of the above shop to Card Factory on behalf of a private property company. The shop forms part of a larger parade, being a redevelopment of a former Burtons building. Skipton continues to be popular with both national and local retailers.
Investment Sold - 9-10 Middlegate, Penrith
On behalf of a charitable trust, we have successfully sold this substantial retail property, let to B&M Stores at a rental of £75,500 pax, at a price showing a purchaser a net initial yield in the region of 7.8%.
Landmark Building Sold - 1 Station Road, Otley
On behalf of a private property company, we have successfully sold this iconic town centre office building that has been in the occupation of Dacre Son & Hartley since its construction in the 1930s. There was good demand from local businesses and a price well in excess of the asking figure of £350,000 was achieved.
Freehold Sold - 6 Henshaw Street, Oldham
On behalf of retained clients, we have successfully completed the sale of the above mentioned substantial town centre freehold retail property at a price in the region of £200,000. There was good demand and a sale was agreed within 1 week of it being placed on the market.
Lease Renewal Agreed - 10 Fishergate, Ripon
On behalf of Beadnall Copley we have negotiated a lease renewal of their branch in Ripon, obtaining a substantial reduction in the passing rent.
Investment Sold - 6/7 High Street, Ludlow
On behalf of private clients we have recently completed a sale of this attractive property in this popular market town which is let to Vision express for a term of 10 years at a passing rent of £21,000 pax. A price in excess of £330,000 was achieved.
Investment Sold - 26 Market Place, Falmouth
We have successfully completed the sale of the above investment let to Thorntons plc at a passing rent of £22,000 pax on behalf of private clients at a price in excess of £255,000.
Lease Re-Gear - 16 Penny Street, Lancaster
On behalf of the Trustees, we have agreed a re-gear with C&J Clark on the above property. The lease was due to expire in November 2014 but we negotiated a new 10 year lease at the passing rent of £78,450 pax in return for a 12 month rent free period. For the Trustees this represented an excellent opportunity to secure the income stream and hence capital value.
Newly Refurbished Office - 21 The Grove
On behalf of our client Halliday Clark Architects, BHT and Dale Eddison have recently completed the letting of the above property. The office has recently been fully refurbished to the highest standards and provides unique accommodation in the very popular market town of Ilkley.
Freehold Sale - 1 Providence Place, Skipton
On behalf of Skipton Building Society, we sold their former headquarter's office building and the adjacent house and adjoining car park to Candelisa, a niche property developers from Ilkley.
Helping Carluccio's to find Premises in Harrogate
Planning applications can sometimes be declined simply because the authority believes there is insufficient evidence to show that a new business will be of benefit to its prospective neighbours. That can be very disappointing, but when an initial application was declined Carluccio's managers decided that the best approach was simply to showcase their up-market foods and delicatessen offer to the people of Harrogate. BHT was happy to help arrange for that to happen, providing professional advice and then going along to show support in person on the day.
46 Toll Gavel, Beverley
The historic town of Beverley continues to buck the trend with a strong retail market with the recent letting of the former Stead & Simpson at 46 Toll Gavel to the specialist shoe retailers, Hotter Shoes. The private Landlord was represented by ourselves and Hotter Comfort Shoes by Savills, London.
Investment Sale - 13 Market Place, Ripon
On behalf of Brian Pickard, we have sold the above prime retail investment for £654,000 equating to a net initial yield of 6.75%. The property is let to WH Smiths Retail Holdings Ltd on a 10 year FRI lease from 24th June 2012 at a current rent of £46,700 pax, subject to an upward only rent review at the end of the 5th year. The transactions was completed within 4 weeks of solicitors being instructed and Mr Pickard commented that the speed of the transaction demonstrated the efficiency and commitment of BHT. The purchaser is a private investor represented by Heaney Micklethwaite.
Retail Parade Acquired - 7/17 Aughton St, Ormskirk
On behalf of private clients, acting jointly with James Buchanan & Associates, we have acquired the above retail parade for £1 million. The parade comprises 5 shop units let to tenants including Coral, Dominos Pizza, Tui and the Salvation Army. At the time of purchase the total rental income was £128,650 pax with some upper floor vacant residential accommodation. The property showed a net initial yield of 12.16%.
Prime Retail investment Sold - 27 Toll Gavel, Beverley
Acting on behalf of a private client, we sold the above retail investment to Longreach Commercial Property Investors Ltd for a price of £795,000 reflecting a net initial yield of 7.07%. The property occupies a prime location in Beverley and is let to AG Retail Cards Ltd t/a Clinton Cards for a term of 5 years from 23rd February 2012 at £59,500 pax.
New Lease agreed for Shop on Leeds Headrow
BHT has negotiated the letting of 10/12 The Headrow, Leeds to Paw Prints, a Halifax based pet shop. This provides one of the only pet shop outlets in Leeds City Centre. The shop has a prominent position directly adjoining Primark, close to the pedestrianised centre of the City. A rent in excess of £40,000 pax was negotiated for the shop, which extends to 1,340 sq.ft. with offices and has stores of 1,200 sq.ft .
Rental Income Maintained in Harrogate
We have successfully completed the letting of 6a Albert Street, Harrogate to Manning Stainton Estate Agents, who are shortly to commence a full refurbishment which will provide an office with an upmarket modern image to service the prosperous Harrogate catchment area. Robin Hanson negotiated the lease directly with the directors of Manning Stainton, maintaining the rental income for the block of property we now manage.
Units A & B, Keighley Industrial Park, Keighley
On behalf of the Black Family Trust, we have sold the above industrial investment for £600,000 equating to a net initial yield of 8.64%. The property, which occupies a prime industrial location in Keighley, forms a modern pair of semi-detached units totalling 1,074 sq.m. (12,613 sq.ft) on a site of 0.74 acres. Unit A is let for a term of 25 year lease from 15th October 1993, expiring 14th November 2018 to John Menzies Distribution Ltd at a current rent of £26,200 pax (£4.74 psf). Menzies have sub-let their interest to Service Power Ltd. Unit B is let for a term of 25 years lease from 29th September 1993, expiring 28th September 2018 to Edmondson Electrical Ltd at a current rent of £28,600 pax (£4.75 psf). The total rental income is therefore £54,800 pax. The purchaser is a private investor, who was unrepresented.
10 year Deal for Costa Coffee in Ripon
BHT announces a letting of 4, Fishergate Ripon to Costa Coffee for a lease for a term of 10 years without break, at a rent in excess of £40,000 pax. This is a well located shop, just off the Market Place, with ground floor sales of 2,000 sq.ft. and staff accommodation to the first and second floors. The deal was agreed with Costa, subject to planning permission change of use to A3 in competition with another multiple retailer.
Retail Investment Acquired - 5/5a High Street, Redcar
On behalf of Valerunner Ltd we have acquired the above investment for £420,000 which shows a net initial yield of 14.13%. The property occupies a prominent corner location on High Street. The ground floor is let to Natwest Bank plc and the upper floor to a charity, Coatham House Ltd. The total rental income is £63,00 pax.
Prime Barnard Castle Retail Investment Sold
BHT have successfully negotiated the sale of a prime retail property in the popular historic market town of Barnard Castle. The property is let to Finlays (North East) Ltd at a rental of £22,500 pax. On behalf of a private property company, BHT have secured a sale to a local, and also private, investor.
BHT Appointed as Agents for Superb Period Office Building
With an informed and seasoned knowledge of the property market in northern cities, Brackenridge Hanson Tate was the go-to option for the marketing of this centrally-situated, and spacious, Leeds office property. There will always be a market for properties such as this and plenty of prospective tenants, but our clients can rely on BHT to work for the truly optimum match that secures best value for both client and occupier.
Offices with Workshop Now on Market with BHT
An uncommon combination of substantial modern office accommodation with a smaller workshop and loading facility is now available to purchase, or possibly to rent, in Morley. The property has both open-plan and cellular offices, which could prove ideal for a range of buyers or prospective tenants - especially those who have found it difficult to secure a property offering a comparatively small area of workshop associated with good office space.