Wetherby is a small affluent market town in West Yorkshire with a
population of 19,979 (2011 Census), located close to the border of North Yorkshire on the banks of the River Wharfe.
The town is situated approximately 11 miles north east of Leeds, 7 miles south east of Harrogate and 12 miles west of York, ideally located and well sought after by commuters.
Wetherby is positioned adjacent to the A1 (M), which can be easily accessed from Junctions 45 and 46. The A58 provides direct access from Wetherby to Leeds City Centre, Harrogate is accessed by the A661, and York via York Road (B1224), with approximate drive times of 30 minutes, 20 minutes and 25 minutes respectively.
Wetherby benefits from its own designated bus station, with regular services to nearby towns and cities.
The property comprises two separate buildings; a purpose-built four
storey development, constructed in 2006, providing a food store at
ground level and 24 apartments arranged over the first, second and
third floors, together with a detached two-storey restaurant unit.
The two buildings are arranged around a central courtyard and car park, providing a total of approximately 40 parking spaces which service the food store and restaurant unit, as well as parking provision for the residential units.
The property is let in accordance with the schedule below, generating a total income of £233,500 per annum, with a WAULT to expiries of 35.0 years (34.1 years to breaks). Excluding the residential ground rents, the WAULT of the commercial units is 9.9 years to expiries (9.1 years to breaks).
Marks & Spencer PLC
Marks and Spencer is a renowned British retailer and a household name, founded in Leeds in 1884 and now operating 959 stores across the UK.
The business employs over 78,000 people, serving approximately 32 million customers annually. The retailer is committed to futureproofing the business, with food sales remaining at the core of their strategy and now accounting for £6.03bn of revenue (approximately 60%). UK food revenue and profit before adjusting items increased by 2.1% and 11.0% respectively from 2019-20. Covid-19 has unsurprisingly had a positive effect and increased demand.
Marks and Spencer plc have a Dun & Bradstreet rating of 5A 2. A summary of their last three years of accounts is set out in the link below:
The Bengal Brasserie is an independently owned chain of restaurants operating over five sites: Wetherby, Leeds City Centre, Roundhay, Burley and York.
No trading accounts are available; however, the restaurant has remained open for takeaway throughout the most recent lockdown in accordance with Government Guidelines and are fully up to date with rental payments.
The property is VAT elected and VAT will therefore be payable upon the purchase price. It is anticipated that the sale can be treated as the Transfer of a Going Concern (TOGC).
We are instructed to seek offers in excess of £3,500,000 (Three Million, Five hundred Thousand Pounds), exclusive of VAT which reflects a Net Initial Yield of 6.25%, assuming standard purchaser's costs of 6.50%.