£4,500,000 (Subject to Contract and Exclusive VAT)
There is a service charge
Scarborough town centre benefits from a loyal, local catchment, the nearest competition being from York, some 40 miles away.
The asset comprises two separate sections, namely:
The Balmoral Centre: Anchored by Wilko, this represents the secondary covered retail offer within the town. Totaling 57,339 sq ft (not including the Car Park). Seven retail units are situated on ground floor, 5 fronting Westborough and an MSU and additional retail unit within the covered section of the scheme. There is a vacant night club located on first floor and a gym located on the second floor. There is also a 480 space NCP car park located to the rear above Wilko, with separate access into the centre.-
Bar House, Aberdeen Walk: Comprising retail and leisure space over three floors totaling 17,602 sq ft. The income producing section is at ground floor level and comprises seven well configured unit shops fronting Westborough and Aberdeen Walk. The first and second floors are vacant and were formerly utilised as a night club.-
Tenure: Long leasehold for a term of 150 years, expiring 28/09/2141 (119 years unexpired). The freeholder is United Reformed Church (Yorkshire Province). The headrent payable is the higher of £27,000 pa or 15% of the ‘net passing rent’.The ‘net passing rent’ is the gross passing rent less a 5%notional management charge. The current headrent payable is £27,000pa.
£724,135 per annum per annum exclusive
13.3% Net Initial Yield
Partner | Investment
Green & Partners understand our needs and continually exceed expectations.
Thorough, tenacious, practical in their outlook and approach but above all they get results.
La Salle Investment Management
The expertise and excellent client focus provided by Team G&P is greatly valued and appreciated. The continuing hard work to support our investment, Leasing and Asset Management activities has enabled us to drive investment performance for our clients.
M & G Real Estate
Green & Partners are a focused, diligent and highly determined team who exceed our expectations time after time.
With Green & Partners you get Partner level involvement and Commitment whether it's an MSU or a small kiosk. They are creative and tenacious and have a very good knowledge of shopping centres and the retailer market at all levels.
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