17 Market Place, Richmond, North Yorkshire DL10 4PX
17 Market Place, Richmond, North Yorkshire DL10 4PX
The subject property is located in Market Place, forming part of the prime shopping area of Richmond town centre, North Yorkshire.
Richmond is a market town of unique character. With a variety of shopping and its many pubs, hotels and restaurants, it remains one of the most beautiful and rewarding places to visit and to live. It is situated on the edge of the Yorkshire Dales National Park and is one of the park’s tourist centres.
The cobbled market place where the property is located is one of the largest in England and the premises overlook Richmond Castle, which is a major tourist attraction. Tourism is important to the local economy and in the town centre there are many independent shops, as well as WH Smith, Boots, Greggs, Costa, The Co-Op and HSBC.
The Station, which was formerly Richmond Railway Station, has a restaurant, cinema, art gallery and heritage centre as well as a bakery, cheese maker, micro brewery, ice cream parlour, fudge house and honey maker. The centre admits 300,000 tourists a year.
Richmond is also home to two secondary schools and three primary schools and has a resident population of 8,500 (2011 Census).
The property, which is located on the northern side of Market Place, occupies a prime position between Boots Pharmacy and the Weigh-In with adjacent occupiers including Greggs, Yorkshire Building Society, Mountain Warehouse and HSBC. Occupancy of Market Place is strong with limited retail availability, particularly with rear loading, which was critical for the current tenant’s occupation. There is also car parking immediately to the front and around Market Place and good rear access to Victoria Road.
17 Market Place is an attractive mid-terrace brick built premises with substantial rear off-shoots under a mixture of pitched slate roof coverings. It is constructed over 3 levels with retail accommodation to ground and first floor and good sized living accommodation to the second floor.
The ground and first floor is presently occupied by Funeral Services Limited (Co-Op Funeralcare) and has a traditional shop front with glazed windows and double pedestrian doors which then lead to a welcoming entrance and seating area. The ground floor has recently been fitted out by the tenant to a high standard with a high level of capital expenditure incurred.
The reception area has carpeted flooring, plaster painted walls and ceiling and feature exposed ceiling trusses. There is well laid out funeral care accommodation including chapel and rest private rooms, a morgue and a kitchen area and WC. There is rear loading to the property which is accessed from Victoria Street. The first floor is currently not used.
The second floor living accommodation is accessed via an external staircase to the rear of the property and arranged as follows:
Entrance Hallway – giving access to the kitchen and bathroom and with a few stairs to the two bedrooms and lounge.
Kitchen (2.96m x 2.15m and 4.16m x 2.26m) – a contemporary kitchen which has recently been installed. It has modern wall and floor mounted units, laminated flooring, plastered painted walls and ceiling and a wall mounted combination boiler. There is a sink and drainer and plumbing for a washing machine/dishwasher.
Lounge (6.15m x 4.08m) – a spacious and light room with two large sash windows overlooking Market Place. The room is carpeted and benefits from a feature fire surround and radiator.
Bedroom 1 (3.71m x 4.93m) – a great sized double bedroom with two sash windows overlooking Market Place. The room is carpeted and has plaster painted walls and ceiling.
Bedroom 2 (2.95m x 5.00m) – a good sized bedroom with fitted wardrobes and a sash window overlooking the Market Place.
Bathroom (2.15m x 2.11m and 1.12m x 1.23m) – a new modern bathroom suite which includes a bath with central mixer tap, separate shower cubicle, wash hand basin, WC, wall mounted heated towel rail, laminated flooring and plaster painted walls and ceiling.
As well as the living accommodation on the second floor there is also a rear commercial unit which is currently not in use.
The retail element of 17 Market Place provides an approximate net internal floor area as follows:
Ground Floor 109.64 sq m (1,180 sq ft)
First Floor 139.62 sq m (1,503 sq ft)
Approximate Net Internal Area 249.26 sq m (2,683 sq ft)
Second Floor (Vacant Space) 57.79 sq m (620 sq ft)
The second floor residential flat provides a gross internal area of 79.79 sq m (859 sq ft)
The property is held freehold with the extent shown red on the attached plan. There are Public Right of Way’s through the yard area to the rear as well as car parking rights for the adjacent houses.
Further details available upon request.
The ground and first floor is let to Funeral Services Limited (Co Op Funeralcare) for a term of 10 years from 22 November 2018 at a current rent passing of £26,500 per annum exclusive. The lease contains Internal Repairing and Insuring covenants and there is a tenant break option at Year 5.
The rental of £26,500 per annum breaks back to an approximate Zone A rate of £40 per sq ft which is in line with the local prime Zone A rates.
The second floor flat is let on an Assured Shorthold Tenancy at a passing rental of £575 per calendar month equating to £6,900 per annum.
Co-Op Funeralcare, established in 2009, is the trading name of Funeral Services Limited, a wholly owned subsidiary of The Co-Operative Group. It operates over 1,000 funeral homes and is the largest funeral director in the United Kingdom accounting for 16.5% of the “at need” funeral market during 2016. Co-Op Funeralcare is a member of the National Association of Funeral Directors and is also Funeral Planning Authority registered.
The Co-Op Group is the UK’s largest consumer co-operative, with 4.6 million active members and a presence in every postal district in the country. They are a major food retailer and wholesaler; the largest funerals provider in the UK; the largest probate provider and provide life planning services and sell insurance products.
The Co-Operative Group turnover in 2018 was £10.2 billion and their Group underlying profit before tax was £43 million in line with their 2017 performance.
All figures quoted are exclusive of VAT where applicable.
The VOA website states that 17 Market Place, Richmond has a Rateable Value of £26,250 and is described as a shop & premises.
The residential flat is assessed for Council Tax purposes within Band B.
ENERGY PERFORMANCE CERTIFICATE
It is understood that the commercial premises have an Energy Performance Asset Rating of D82 and the residential property has a Rating of D66.
Copies of the Energy Performance Certificates are available upon request.
The property is available at a guide price £525,000, exclusive. This reflects an approximate gross yield of 7.00% on the retail letting, assuming a capital value of £150,000 for the residential flat.
Each party to bear their own legal costs in the preperation and settlement of the sale documentation together with any VAT thereon.
The property is available to view by prior appointment with the Carlisle Office of Edwin Thompson LLP. Contact:
John Haley – [email protected]
Suzie Barron – [email protected]
Tel: 01228 548385
Edwin Thompson for themselves and for the Vendor of this property, whose Agents they are, give notice that:
1. The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, any offer or contract.
2. All descriptions, dimensions, plans, reference to condition and necessary conditions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to their correctness.
3. No person in the employment of Edwin Thompson has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars, nor to enter into any contract relating to the property on behalf of the Agents, nor into any contract on behalf of the Vendor.
4. No responsibility can be accepted for loss or expense incurred in viewing the property or in any other way in the event of the property being sold or withdrawn.
5. These particulars were prepared in May 2019.
Attractive and Prime located Retail/Residential Investment opportunity within Richmond Town Centre.
Ground and First Floor recently fitted out to a high standard and Let to Funeral Services Limited (Co-Op Funeralcare) on a new 10 year lease from 22 November 2018 at a rental of £26,500 per annum.
Second Floor Flat which is separately accessed and let on an AST at a passing rental of £575 per calendar month equating to £6,900 per annum.
Guide Price £525,000 exclusive, showing an approximate gross yield of 7.00% on the retail income, assuming a capital value of £150,000 on the upper flat.