Harrogate retail pitch handed £2.3m asking price
A retail parade in Harrogate has been placed on the market with an asking price of £2.3m.
The parade – located at 27/31 Cambridge Street – comprises three retail units at ground floor level as well as residential upper floors, which will be retained by the vendor.
The three units are spread over 6,863 sq ft and are fully let on separate tenancies to Bodycare, Pandora, and a phone shop, providing a total passing rent of £207,000 per annum.
The parade has a weighted average unexpired lease term of 7.05 years to expiry and 5.07 years to break, with Pandora’s unit let on a new 10-year lease.
Located in the heart of North Yorkshire, Harrogate is an historic spa town located approximately 16 miles north of Leeds and 19 miles west of York.
Prime retailing in Harrogate is centred around the pedestrianised Cambridge Street and James Street. The former is home to a number of national occupiers including Marks & Spencer, Next, Sainsbury’s and Primark, whilst James Street offers a more boutique shopping environment, with occupiers such as Mint Velvet, Whistles, Hobbs, and Ogdens of Harrogate.
The town’s only covered and managed shopping centre is the Victoria Shopping Centre, which fronts onto Cambridge Street and is anchored by Next.
Harrogate is also home to the famous Betty’s Tea Rooms alongside a restaurant and bar scene with occupiers including The Ivy, YO! Sushi, Banyan, and Wagamama.
FMX Urban Property Advisers – which has been appointed to market the property – said a purchase at the asking price of £2.3m would represent a net initial yield of 8.43%.