26 Kirkgate is arranged over ground and two upper floors and is constructed of stone under a pitched slate roof.
The property has undergone a comprehensive refurbishment to provide:-
Ground floor – a self-contained retail unit. First and second floors – a two bed duplex apartment (refurbished to shell condition only).
LOCATION Otley is a thriving market town located 12 miles northwest of Leeds. The property occupies a strong trading position on the prime retail thoroughfare of Kirkgate. Neighbouring occupiers include Boots the Chemist and Costa Coffee. ACCOMMODATION
SQ. FT.
SQ. M
Ground Floor – Retail
490
46
First and Second Floors Residential
680
64
TOTAL
1170
110
THE INVESTMENT Ground Floor Retail – pre-let for a term of five years from November 2023 at an initial rent of £12,540 p.a. rising to £13,500 p.a. in years four and five. There is a tenant only break clause at the end of year three.
Residential – 1 2 bed apartment arranged over two floors is proposed. New services installed and rebuilt to a shell specification. It is expected to achieve a monthly rent of £800 under an AST.
The initial annual rent is therefore expected to be in the region of £22,140. TERMS The property is available freehold with the benefit of the ground floor tenancy at a sales price of £249,500. LEGAL COSTS Each party responsible for their own legal costs. SERVICES We understand that all mains’ services are installed or are available. However, we recommend that prospective occupiers make their own enquiries as to the availability, suitability and capacity of such services.
VIEWING Strictly by appointment only, contact:- Richard Heslop: 01943 662662 Or email richard@de-commercial.co.uk
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