Harrogate House, Parliament Street, Harrogate | Property for sale | Savills
Guide price £3,000,000(1,496,865 OMR)

Harrogate HouseParliament Street, Harrogate

  • Sole agency
  • Freehold
Investment
Yield 13%Yield

Key features

  • A passing rent of £391,314 p.a.** (13.04% GIY on guide)
  • Rent increases in 25', 26'& 27' rising from £276,314 pa to £391,314 pa
  • Comprising of 5 x retail units (fully let) & 1 kiosk (vacant)
  • An approx. WAULT of 16.27 years on lease term*
  • Property includes offices, car park and block of flats (sold off on long lease)
  • Instant asset management potential in letting out the vacant Kiosk
  • An approx. 25,771 sq ft
  • Located in the affluent & desirable town of Harrogate
  • 8 week completion available
  • On behalf of a Major Fund

A freehold retail parade comprising of 5 x retail premises and Kiosk on an established shopping parade in the affluent and desirable town of Harrogate.

About this property

  • The property consists of 5 x retail units (1 tenant trading from a double fronted unit) & 1 kiosk. The retail units comprise of ground and first floor levels with Units 1, 2 & 5 also having outside terrace space connected to the retail units. There is vacant Kiosk that offers instant asset management potential to let out in its current format. There is also a residential tower block and 2nd floor office space that have been sold off on a long lease. There is basement parking used by the residential Manco Harrogate House (Maintenance) Limited under the long lease. Current occupiers from Harrogate House include Nando's, Mojo, Manahatta (not in occupation) and soon to be joining The Mayfair (Multiple site operator). Nearby occupiers include All Bar One, 5 Guys, Wagamama, The Ivy, Weatherspoon's, Travelodge (Adjacent) as well as a wide range of local and independent retailers.

Local information

  • The property is located on the west side of Parliament Street at the junction of The Ginnel Road.
  • Harrogate Station is located an approx. 0.3 miles from the property.

Additional information

  • Unit 1
  • A lease has completed with Mayfair Harrogate Ltd TA The Mayfair
  • Stepped rent increases £80,000 p.a. Year 1, £82,500 p.a. Year 2 and £85,000 p.a. Year 3-5
  • 9 months rent free followed by a period of 11 months half rent commencing on the earlier of occupation and lease completion (the 9 month rent free period will stop on 11/05/2025)
  • The vendor will be topping up the rent from completion of the sale until expiry of the rent free, half rent free periods and stepped rent increases
  • Tenant is currently fitting out
  • Unit 2
  • Let to Arc Inspirations Ltd TA Manahatta (not in occupation)
  • An assignment of the lease is ongoing
  • The proposed assignee is Innspired Leisure (Harrogate) Limited t/a Katie O’Brien’s. Their guarantor is Innspired Leisure (Durham) Limited.
  • Unit 3
  • Let to Nando's Chicken land Ltd TA Nando's
  • Unit 4 & 5
  • Let Voodoo Doll Ltd TA Mojo
  • Stepped rent increases from £80,000 to £110,000 on 22/04/2025
  • The vendor will top up the rent from completion to the start of the stepped rent increase