FOR SALE Retail Investment opposite Marks & Spencer 79 Newborough, Scarborough YO11 1ET
Location Scarborough is a prosperous and affluent North Yorkshire seaside town situated 19 miles to the south of Whitby, some 49 miles from the Teesside conurbation and 40 miles from York. The A64 links Scarborough with Malton, York and Leeds via the A19 and the A1(M), whilst the A165 is the coastal route which links the town with Filey, Bridlington and Hull. The A170 links Scarborough to the North York Moors and Thirsk, whilst the A171 is the link between Whitby and Middlesbrough. It has its own railway station with direct links to York, Leeds and Liverpool on the North Transpennine Express Route and from Hull on the Yorksire coastline. Demographics With a population of just over 61,000 Scarborough is the largest holiday resort on the Yorkshire coast. The town has a long established fishing and service industry and also a growing digital and creative economy as well as a well renowned reputation as a tourist destination. Major employers include Pindar which owns the Alphagraphics chain, whilst the Plaxtons Company has been building coaches and buses in the area since 1907. Creative industries now account for 19% of the town s economy. The greater area in which Scarborough sits has just under 100,000 residents. L M6 PENRITH A66 A65 M65 DARLINGTON NORTHALLERTON A684 A61 A167 A1(M) LEEDS MIDDLESBROUGH A168 THIRSK A19 YORK A170 A64 A171 M62 WHITBY MALTON SCARBOROUGH A163 A165 HULL M61 M62
Scarborough Situation The property is situated in the heart of Newborough opposite Marks & Spencer, with Barclays Bank, Ramsdens, Greenwoods, Savers, Costa Coffee, Wilko and many other national retailers nearby. Newborough is pedestrianised at this location, with the Balmoral Centre entrance being nearby. There are large TK Maxx and DW Sports stores located behind the subject property on Waterhouse Lane. Description The property is arranged over a ground floor sales area with basement storage and 1st, 2nd and 3rd floor residential accommodation. sq ft sq m Ground floor Sales 565 52.5 ITZA 451 41.9 Office area 158 14.7 Basement Storage 718 66.7 First Floor 3 rooms 497 46.2 Second Floor 4 rooms 579 53.8 Third Floor 4 rooms 554 51.5 TOTAL 3,071 285.4 50 metres Copyright and confidentiality Experian, 2016. Crown copyright and database rights 2016. OS 100019885 Experian Goad Plan Created: 22/01/2016 Created By: Lambert Smith Hampton For more information on our products and services: www.experian.co.uk/goad goad.sales@uk.experian.com 0845 601 6011
Tenancy Details The property is let to a Mr Gareth Franks T/A The Orange Frog (confectioners and drinks retailers) on Fully Repairing and Insuring terms as follows: Lease commencement date 24 April 2015 Lease expiry date 23 January 2025 Rent 40,000 per annum Next rent review date 24 April 2020 A rental deposit of 10,000 is in place until 24 October 2018.
Energy Performance Certificate The property has been assessed in Band E. VAT The property has been elected for VAT, with all figures quoted exclusive of VAT. Legal Costs Each party to be responsible for their own legal costs incurred in any transaction. Investment considerations Excellent location opposite Marks & Spencer Potential to create value from a refurbishment of the upper floors Rebased rent offers potential for rental growth Attractive initial yield Terms Offers in excess of 500,000 are required for the benefit of our client s freehold interest. This will produce a net initial yield of 7.64% after accounting for costs of 4.7%. Contacts Bill Lynn BLynn@lsh.co.uk 0191 338 8294 Jon Tully JTully@lsh.co.uk 0191 338 8314 Subject to Contract and Exclusive of VAT Lambert Smith Hampton [11 2015] Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries 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 partof 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. April 2016 ref 6378 Designed and produced by Design 0191 284 1300