Lot 71 – 41-43 New Street, Huddersfield, HD1 2BQ

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Mat Harris

mat.harris@bidx1.com
+44 (0) 20 3929 8291

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BidX1 Support Team

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Vendor Solicitor

Peter Kay

peter.kay@cearnskay.co.uk
020 3174 1234
Description
Map
Viewings

Property Summary
  • A prime freehold retail investment
  • Let to The Works.co.uk until 2026 (1)
  • Producing £50,000 per annum
Location

Huddersfield is a large market and university town in West Yorkshire. It is the 11th largest town in the United Kingdom, with a population of 162,949 at the 2011 census. It is located about 14 miles south west of Leeds and 24 miles north east of Manchester. Huddersfield is connected to the national motorway network via the M1 and M62 motorways. The M1 passes about 10 miles to the east with the M62 passing about 2.5 miles to the north. 41-43 New Street has an extensive frontage in a prime retail location within the pedestrian part of Huddersfield town centre. Nearby occupiers include Costa Coffee, Marks and Spencers, Greggs and Yorkshire Bank. The property is located on the east side of New Street between Greggs and Peter Jones.

Tenancy

TheWorks.co.uk plc is a multi-channel value retailer of gifts, arts, crafts, toys, books and stationery. As at 28 April 2019, the Group operated a network of 497 stores in the UK and Ireland. The Works also has a significant and growing online presence. As at 9th May 2019 revenue increased by 13.2% year-on-year (£91.5m), Gross Profit margin (before depreciation) increasing to 14.8%. 32 new stores have also been opened with the aim of opening a total of 50 stores before the end of the financial year (Source: Theworks.co.uk).

Planning

Kirklees Metropolitan Council - 01484 414 748, www.kirklees.gov.uk.

VAT
Please refer to Legal Documents
Property Table
AddressFloorAccommodationTenancyRent per annum
41-43 New Street

Basement

Ground

First

Second

54.10 sq m (582 sq ft)

189.86 sq m (2,042 sq ft)

234.66 sq m (2,524 sq ft)

Not Inspected [1*]

10 year lease from 01/08/2016 [2*]£50,000
TOTAL 479 sq m (5,148 sq ft) £50,000

[1*] Internal access to the 2nd floor has been blocked off.  The only access is through a door at the top of the fire escape at the rear to which the staff have no access.   
[2*] Tenants break clause 01/08/2021.

 

 


*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. To participate in the sale BidX1 must hold a minimum amount of £4,500 from all bidders. This participation amount is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,500 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee of £1,000 inc. VAT payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.