Prime Restaurant Investment Opportunity

14.65 Years Unexpired

wagamama13-15 Parliament Street, Harrogate HG1 2QU

13-15 Parliament Street, Harrogate HG1 2QU Prime Restaurant Investment Opportunity 14.65 Years Unexpired

wagamama

Royal Hall Theatre

Market PlaceWestgate House

Jubilee Car Park

Betty’s Café

Valley Gardens

Yorkshire Hotel

St Peters Church

Parliament Street

James Street

Cambridge Street

Oxford Street

Victoria Car Park

Victoria Shopping Centre

Harrogate Railway Station

Harrogate International Conference Centre

Investment Considerations

Prime restaurant investment opportunity located in the highly affluent and desirable spa town of Harrogate

Attractive building located on a corner plot within the heart of Harrogate’s prime leisure pitch along Parliament Street

Freehold

The property comprises a prominent, double fronted unit arranged over the ground and basement floors totalling 3,661 sq ft (340.12 sq m)

Let to the excellent covenant of Wagamama Limited (5A1) for a further 14.65 years (certain) at a passing rent of £97,500 per annum

Residential accommodation to the upper floors producing an additional £2,000 per annum of ground rent income, subject to RPI uplifts

Proposal

Offers sought in excess of £1,973,000 (One Million, Nine Hundred and Seventy Three Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.75% after deductions of purchaser’s costs at 6.27%.

Dataroom

For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/wagamama-harrogate

Prime Restaurant Investment Opportunity 14.65 Years Unexpired13-15 Parliament Street, Harrogate HG1 2QU

wagamama

BlackpoolInternationalAirport

WartonAerodrome

LiverpoolJohn LennonAirport

ManchesterInternationalAirport

Humberside Airport

Leeds/Bradford

M1

M1

M1

M6

M6

M55

M606M621

M180 M181

M18

M18

M65

A1(M)

A1(M)

A1(M)

A1(M)

M60

M60M62

M62

M67

M66

M58

M58M53

M62

M62

M61

Blackpool

Fleetwood

Southport

Preston

LIVERPOOL

MANCHESTER

SHEFFIELD

GRIMSBY

Gainsborough

Worksop

SCUNTHORPE

Doncaster

Rotherham

BRADFORDLEEDS

YORK

HULL

Bolton

Wigan

St. Helens

Longridge

FormbyOrmskirk

Bootle

Birkenhead

OldhamBarnsley

Wakefield

Castleford

Wetherby

HARROGATE

Tadcaster

Beverley

Ashton-under-Lyne

BLACKBURN

Burnley

Keighley

RochdaleHUDDERSFIELD

Halifax

HebdenBridge

Ilkley

Nelson

Darwen

Accrington

Chorley

Yorkshire Dales

National Park Authority

National Park

Peak District

Lincolnshire Wolds

13-15 Parliament Street, Harrogate HG1 2QU

wagamamaPrime Restaurant Investment Opportunity 14.65 Years Unexpired

Location

Harrogate is an affluent spa town situated in the heart of North Yorkshire, approximately 341 km (212 miles) north of London, 26 km (16 miles) north of Leeds and 30 km (19 miles) west of York.

The town benefits from excellent road communications being served by the A61, A59 and A661. Access to the A1(M) is 11 km east of the town centre via the A59.

Harrogate is well connected to the rail network, with Harrogate Railway Station providing frequent services to London (King’s Cross) via York, with a fastest journey time of approximately 2 hours 40 minutes. Furthermore, Leeds-Bradford Airport is situated 16 km (10 miles) to the south.

Situation

The property occupies a highly prominent corner position fronting Parliament Street, with return frontage onto Parliament Terrace.

The property benefits from a prime pitch on Parliament Street with nearby occupiers including; The Ivy, All Bar One, Five Guys, The Harrogate Arms (adjacent), Nando’s as well as the famous Betty’s Tea Rooms.

Parliament Street is situated at the eastern edge of the town’s central A1 retail core, which is predominantly on Oxford Street, Cambridge Street and James Street, all of which lead to the south of Parliament Street where the property is situated.

Prime Restaurant Investment Opportunity 14.65 Years Unexpired13-15 Parliament Street, Harrogate HG1 2QU

wagamama

Description

The property comprises a prominent, double fronted restaurant arranged over ground and basement floors totalling 3,661 sq ft (340.12 sq m). The property benefits from frontages to both Parliament Street and Parliament Parade.

The ground floor comprises the kitchen facility and restaurant area providing a total of 102 covers. The basement provides customer and staff toilets, staff rooms and ancillary storage accommodation. The accommodation has recently been fitted-out to a very high standard in the Wagamama’s corporate style.

The upper floors comprise 8 residential flats with self-contained access from Parliament Terrace. The residential accommodation has been sold off producing a ground rent income of £2,000 per annum.

Tenancy

Tenant Floor Area (sq ft)

Lease Start R/R Lease Expiry Rent (p.a.)

Rent (£psf)

Comments

Wagamama Limited

Ground & Basement

3,661 03/12/2007 03/12/2022 02/12/2032 £97,500 £26.63 5 yearly open market rent reviews (upwards only).

Montpellier Apartments Maintenance Limited

Upper Floors (Residential)

- 02/01/2008 01/01/2033 25/12/3006 £2,000 - Rent is based on 100% of ground rent receivable from the 8 residential flats to the upper floors. The individual leases are subject to review on 01/01/33 and every 25 years thereafter in line with RPI (upwards only).

3,661 £99,500

Covenant

Wagamama Limited operates a chain of Japanese restaurants across the UK, with 128 locations. The company was sold by private equity firm Lion Capital to Duke Street Capital in 2011 for £215m. Wagamama Limited is trading particularly well and has posted the following financial results over the past three years;

26 April 2015 24 April 2016 23 April 2017

Turnover £188,115,000 £223,693,000 £257,774,000

Pre-Tax Profit £18,619,000 £28,525,000 £35,716,000

Total Net Worth £72,067,000 £99,079,000 £130,877,000

D&B Rating: 5A1

Risk Disk Score: 100 (‘Very Low Risk’ of business failure)

wagamama13-15 Parliament Street, Harrogate HG1 2QU

wagamama

© Crown Copyright, ES 100004106. For identification purposes only.

Harrogate

CHELTENHAM PARADE

Prime Restaurant Investment Opportunity 14.65 Years Unexpired13-15 Parliament Street, Harrogate HG1 2QU

wagamama

Retailing in Harrogate

Harrogate has an excellent retail offering, providing approximately 980,000 sq ft of town centre retail floor space. According to PROMIS, Harrogate has a significantly above average volume and quality of retail provision, which is driven by the above average affluence of the population.

The town is a very popular tourist and conference destination, attracting an estimated 1.5 million tourists per annum and a further 500,000 conference visitors to the Harrogate Centre, with an estimated annual visitor spend of £33 million on non-food retail goods and £26 million on eating out.

This high quality retail offering is evident in the quality of occupiers in the town, which include; Marks & Spencer, L.K.Bennett, Whistles, Debenhams, Jo Malone and H & M among others.

Prime Zone A Rents: £150 psf

Shopping Population: 149,000 people

Town Centre Retail Space: 980,000 sq ft

Total Town Centre Vacancy: 1.3%

Ranking: 32 (Non-Food)Affluence Score: 22

Prime Restaurant Investment Opportunity 14.65 Years Unexpired13-15 Parliament Street, Harrogate HG1 2QU

wagamama

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 04.18

For further information or to make arrangements for viewing please contact:

James Salmon020 7543 6880

james.salmon@allsop.co.uk

Niamh Fleming020 7543 6731

niamh.fleming@allsop.co.uk

www.allsop.co.uk

ProposalOffers sought in excess of £1,973,000 (One Million, Nine Hundred

and Seventy Three Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.75% after deductions of purchaser’s costs at 6.27%.

EPCAvailable upon request.

VATThe property is elected for VAT and it is envisaged the transaction will be treated as a Transfer of a Going Concern.

DATAROOMFor access to the Allsop dataroom please use the following link:

https://datarooms.allsop.co.uk/register/wagamama-harrogate

wagamama