well secured, freehold, retail investment

25/27 parliament street york, YO1 8RS

25/27 parliament street york, YO1 8RS

LocationThe historic cathedral city of York is the administrative centre for

North Yorkshire and lies approximately 337 km (210 miles) north of

London and approximately 45 km (28 miles) north east of Leeds.

York benefits from excellent transport links and is reached via the

A64 and A59 by road, which provides direct access to the A1 (M)

approximately 24 km (15 miles) to the west. The A1 (M) provides

access to the M1 and M62 motorways. The city is also a major

terminus on the main east-coast railway line. Rail services to

London (Kings Cross) are approximately 2 hours 15 minutes.

The city boasts some of the UK’s top tourist attractions including

York Minister, The Jorvik Museum, The National Railway Museum

and Betty’s Tearooms.

Demographics & local economyYork has a primary catchment of circa 476,000 and an estimated

shopping population of 297,000. This is boosted further by

tourism. The latest available research shows that there were 7.1

million trips to York in 2010, with tourism worth an estimated

£442.6 million to the local economy. The York area is affluent and

has a significantly higher than average number of working adults

in the most affluent AB social grouping and is under-represented

in the least affluent DE grouping. The city has a high proportion

of young adults due to the city’s large student population which is

close to 21,000. Major employers in the area include Aviva, Nestle

and British Telecom.

Retailing in YorkYork is a major regional shopping destination, offering

approximately 1.5m sq ft of retail accommodation. The city is

ranked by Venuescore (2011) as being the 23rd strongest retail

destination within the UK.

The prime retail provision is centred on the pedestrianised section

of Coney Street and Spurriergate where there is a high

concentration of national multiples. These streets are supported

by other strong retailing pitches such as Davygate, Parliament

Street and the Coppergate Centre as well as more specialist

locations such as Stonegate, Blake Street and Swinegate.

Investment Summary

• York is the commercial and administrative centre for North

Yorkshire and a popular tourist destination.

• A strong pedestrianised retailing pitch adjoining

Shuropody and Vodafone with Marks & Spencer,

Browns Department Store, Boots Opticians, Pret a Manger,

The Disney Store and Nationwide opposite or close-by.

• Well secured to Cheltenham & Gloucester Plc

(5A1 D&B Rating).

• Freehold

• Circa 6.6 years unexpired

• £2,516,000 (subject to contract & exclusive of VAT)

• Attractive 6% net initial yield

25/27 parliament street york, YO1 8RS

SituationThe property occupies a particularly busy pitch on the semi

pedestrianised Parliament Street in close proximity to St.

Sampson Square, Marks & Spencer and Browns Department Store. The area supports a mixture of national multiples and

independent retailers, some of whom have been in occupation for

a number of years. Parliament Street has become an established

A2 pitch with Nationwide, HSBC, Barclays, Halifax and

Skipton Building Society located there. The Roman Baths

situated in St. Sampson Square further help to increase footfall in

and around Parliament Street.

PropertyThe property is a mid-terraced, concrete framed building with a

traditional brick facade, arranged over ground, first and second

floors. The ground floor retail unit is well configured. The first and

second floors are used and fitted as office and ancillary space.

AccommodationThe property provides an approximate total net floor area of

261.89m2 (2,819 sq ft) sub-divided as follows:

Floor Use Area (sq m) Area (sq ft)Ground Sales 126.25 1,359

ITZA 915 unitsFirst Office 1 110.37 1,188Second Office Anc 25.27 272Total 261.89 2,819

Tenure Freehold

TenancyCHELTENHAM & GLOUCESTER PLC

10 year FR&I lease from 25th December 2008 (circa 6.6 years unexpired) expiring on 24th December 2018 at a current passing

rental of £159,750pax and an upward only rent review on 25th

December 2013.

EPCA copy of the Energy Performance Certificate is available upon

request.

Tenant Covenant Tenant D&B Rating Date of Accounts Net Current Assets

(000’s)Pre-Tax Profit

(000’s)Net Worth

(000’s)

Cheltenham & Gloucester Plc 5A 1 31/12/2010 £183,600 £94,300 £167,200

Current Income Pax£159,750 per annum exclusive (devaluing to circa £160 psf ZA).

VATThe property has been elected for VAT and thus VAT will be

payable on the purchase price.

Proposal£2,516,000 (Two Million, Five Hundred and Sixteen Thousand

Pounds) Subject to Contract and exclusive of VAT, reflecting an

attractive net initial yield of 6%, allowing for purchaser’s costs

of 5.8%.

25/27 parliament street york, YO1 8RS

Further Details

David Freeman 020-7659-4830 david.freeman@greenpartners.co.uk

James Baillie 020-7659-4839 james.baillie@greenpartners.co.uk

Ed Smith 020-7659-4831 ed.smith@greenpartners.co.uk

MISREPRESENTATION These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details. Neither the agents nor the vendors or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office. June 2012. Adrian Gates Photography & Design 07710 316991

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