Sainsburys, Former Mile Post, 55 Leeds Road, Harrogate, HG2 7AY
Franck-Steier Price has recently concluded the sale of a Sainsburys Local unit on the edge of Harrogate town centre on one of the main arterial roads.
The property comprises a former pub totalling 471.8 sq.m (5,078 sq.ft) over ground and first floor. There are 9 on site car spaces.
The property is let on a 15 year lease to Sainsburys from August 2012 at a passing rent of £66,500 per annum. The lease is held on full repairing and insuring terms and is subject to five yearly upward only reviews to RPI, collared and capped at 1.5% and 3.5% per annum. The tenant had an option to break at year 10.
The purchaser was a local private investor, represented by Brackenridge Hanson Tate, who paid a price of £1,215,000 reflecting a net initial yield of 5.17% assuming costs of 5.80%.