York- Swinegate Court West
York, a historic and charismatic city, is an important and thriving regional commercial and business hub in the north of England. Renowned for its vibrant culture, historical architecture and general quality of life the city attracts an impressive 6.9 million visitors each year and is also home to a major university as well as being the UK’s first UNESCO City of Media & Arts and the UK’s founding Science City & first Gigabit City.
York is also easily accessible, situated in central Yorkshire, 26 miles (42km) north-east of Leeds, 23 miles (37km) east of Harrogate and 41miles (66km) north-west of Hull. London is 215 miles (346km) to the south.
The property occupies a substantial city centre site and forms the entire northern side of Back Swinegate with a prominent corner unit onto Swinegate and return frontages onto both Little Stonegate and Grape Lane. The area is an established and popular destination for not only daytime shoppers and tourists due to its niche national and independent retailers but also as an evening destination due to the abundance of cafes, restaurants and wine bars.
The busy pitch attracts a strong footfall with shoppers peeling off Stonegate and High/Low Petergate. Finkle Street is a busy ‘cut through’ leading onto Back Swinegate from St Sampsons Square, Davygate and Parliament Street. The restaurant and bar concentration of Slug & Lettuce, Las Iguanas, Oscars Wine Bar, Biltmore Bar & Grill, Bora Bora Cocktail Bar, Lucia Restaurant & Bar and Banyan Bar increases pedestrian flows during lunchtimes and early evenings.
The subject property comprises a comprising six retail units, a substantial bar/restaurant premises and first and part second floor offices above with a ground floor reception lobby accessed directly from Back Swinegate. The property was substantially re-developed in the late 1990’s and is not listed but is within the Central Historic Core Conservation area.
The retail units are predominantly arranged over ground floor with the exception of Mulberry who have first floor ancillary space. The Slug & Lettuce unit benefits from dual entrances and specifically an external seating licence for the courtyard area accessed from Grape Lane/Swinegate.
The office accommodation was recently providing good quality, economical, open plan floor space with the addition of comfort cooling, a refurbished entrance lobby incorporating a new passenger lift.
Please refer to the tenancy schedule.
Current Rent PAX
The subject property is managed and operated under a service charge schedule with the tenants having apportioned percentage contributions based on gross lettable floor area demised. The current service charge budget runs from the 1st January 2017 until the 31st December and the present service charge budget amounts to £109,288.78.
There are currently no landlord shortfalls.
£5,100,000 (Subject to Contract and exclusive of VAT )
6.82% - net initial yield
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 vendor 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.