Restaurant building for sale in the heart of Wakefield’s leisure quarter

Published on: 12th February 2019

Our Leeds agency team has been appointed to sell the freehold interest of the former Bollywood Lounge, a large restaurant centrally located in Wakefield’s leisure and entertainment district.

The circa 4,000 sq ft property is currently in a semi-shell state with an open plan layout that would provide potential occupiers with a blank canvas to really make the space their own.

There are a number of car parks in close proximity to the restaurant, including a council park with around 60 spaces that offers free parking between 6pm and 8am.

Jonathon White, agent in our Leeds office commented, “Whilst there are plenty of opportunities available to rent in Wakefield, freehold properties remain few and far between. The space occupies an incredibly desirable location in Wakefield’s prime leisure destination with Wakefield Westgate railway station just 500 metres away.

“Potential occupiers would be in great company with surrounding businesses including Harry’s Bar, The Black Horse, The Old Print Works, Warehouse 23 and Prego Pizzeria to name a few. Whilst the space would suit a restaurateur we feel that it would also be fitting for a wide range of leisure uses, subject to the relevant planning consents, and would be interested in speaking to all potential occupiers about their options.”

Click here to view more information on the property.

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Should I Stay Or Should I Go? – Lease Renewals in the Licensed Sector

If, like many other licensees, you lease your premises, you will no doubt have experienced the stresses and strains of a rent review or the lease renewal process, and if you haven’t, then you probably will soon! A business lease can be a complicated document and if you take nothing else away from this article, always remember the value of timely advice, both from your solicitor and your surveyor, as both these professionals could have a vital role to play in any negotiations you undertake.The processes around lease renewals are heavily regulated and there can be some very hard and fast deadlines, which, if you miss them, can have devastating consequences for your business. So, it is vital that you act proactively and take the front foot or if your landlord acts first, you respond in a timely manner.

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If, like many other licensees, you lease your premises, you will no doubt have experienced the stresses and strains of a rent review or the lease renewal process, and if you haven’t, then you probably will soon!

A business lease can be a complicated document and if you take nothing else away from this article, always remember the value of timely advice, both from your solicitor and your surveyor, as both these professionals could have a vital role to play in any negotiations you undertake.
The processes around lease renewals are heavily regulated and there can be some very hard and fast deadlines, which, if you miss them, can have devastating consequences for your business. So, it is vital that you act proactively and take the front foot or if your landlord acts first, you respond in a timely manner.

[fulltext] =>

For lease renewals, you need to start thinking about the process no less than 18 months before your lease is due to end. The first thing you need to do is decide whether or not you want to stay in the premises, as that decision will determine some of the actions you may need to take further down the line.

Assuming you do want to stay, the next question is, whether your lease offers the protection of the Landlord and Tenant Act 1954 (LTA54)? Your solicitor will be able to tell you this. If it doesn’t, then you need to engage your surveyor and start forming a negotiation strategy early, as if you cannot reach agreement with your landlord by the lease end, you will have no legal right to remain in occupation. 

If it is a LTA54 protected lease, then you have a little more time, but you still need to formulate your plan with both your solicitor and surveyor, as they will be able to advise on the terms you should be offering your landlord for the new lease. Rent, repairing obligations, alienation and user clauses all have a key part to play in this.

Assuming that your landlord does not oppose your application for a new lease, then you should have plenty of time to negotiate and agree the terms of the lease. I If you cannot reach agreement there is always the opportunity to apply to court to have the terms determined, this is the last resort however. If though, your landlord seeks to oppose the renewal under one of the 7 grounds offered under s30 of LTA54, then it is likely, if you want to stay, that an application to court may be your only option.

For licensed premises, there is however a further complication. If you occupy a pub on a ‘tied’ tenancy, you may also wish to think about whether you want to remain on this basis and get the benefit of a lower rent, at the expense of higher beer prices or, under the provisions of the Pubs Code 2016, apply for a Market Rent Option (MRO) lease. Again, this process is tightly controlled, with a number of strict deadlines that you must meet to keep the MRO avenue open. So, if you think an MRO lease might be of interest to you, getting proper advice at an early stage is vitally important, as getting it wrong could prove to be a costly mistake.

If however, you decide that you want to leave the premises at the lease end, don’t think that you can just walk away!

When you end the lease, unless the landlord is going to comprehensively redevelop the premises, there is a likelihood that you may be landed with a dilapidations liability, a legal claim to make good any disrepair deemed (by the landlord) to have occurred. If your landlord serves such a claim on you there are a number of remedies available. You can do the works, assuming you have sufficient time, which unfortunately is often not the case) or you can try and negotiate a better settlement.

In both cases, there is significant value in appointing a surveyor on your behalf, as dilapidations is a complex area of property law and what may seem reasonable and realistic to you, may, in the eyes of the law, simply be not! 

As a tenant, one of the primary defences is under s18 (1) of the Landlord and Tenant Act 1927 (LTA27), which effectively places a limitation on the landlords claim, of no more than the diminution in the value of the property due to the repair works required. This however, isn’t necessarily all the proposed costs. As only those costs that are considered value affective will impact on the value of the reversion. This is where the skill of a specialist surveyor is required. Working with a building surveyor, your valuer should assess the costs proposed by the landlord to see whether a) they are reasonable and b) whether the disrepair alleged really reduces the value of the property as much as the landlord’s surveyor suggests. S18(1) can be a really powerful tool in the tenant’s arsenal when defending a dilapidations claim and can potentially save you significant sums.
With any lease event, the old adage of the 5 p’s is as relevant as ever (Proper Planning Prevents Poor Performance) and although it may seem counter intuitive to spend money up front before anything has happened, getting proper advice at an early date, whilst it may cost you some cash, could potentially save you significantly more further down the line.

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February Deals Update

Our strong end to last year has been followed by an equally strong start to 2019 with a number of deals and new instructions across our nationwide network of offices. At the start of the year we published our caravan and holiday park market review, including highlights from their year, a review of the holiday and caravan park market and information on parks sold, and parks currently for sale – view the full report here.

Read More....

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Our strong end to last year has been followed by an equally strong start to 2019 with a number of deals and new instructions across our nationwide network of offices.

At the start of the year we published our caravan and holiday park market review, including highlights from their year, a review of the holiday and caravan park market and information on parks sold, and parks currently for sale – view the full report here.

[fulltext] =>

2018 was a wonderful year for the North East leisure industry with a calendar packed full of events, ranging from the Rugby League Magic Weekend to Ed Sheeran playing St James’ Park and The Great Exhibition of the North. Our North East property experts have teamed up with Sintons Law LLP to help create the annual leisure supplement published in the Journal. View the full supplement here.

We are delighted to announce the completion of a number of holiday park sales at the turn of the year, including the sale of Woodland Park, a a large residential caravan park sold for over £3,500,000 in Swansea and the Old School Caravan Park, a small touring park sold in Shropshire.

Our machinery and business assets team recently sold the W1 NGS” number plate by online auction, realising £49,000 in the process. The highest bid on the plate was made by a purchaser on behalf of his son who earned his pilot’s license at the age of 17.

Our Leeds agency team acted on behalf of WYG on the move of their corporate headquarters to the 3 Sovereign Square Development in Leeds city centre. Our Leeds office team also published the Leeds office market report for Q4 2018. The full report is available here.

You can read our previous monthly deal updates by clicking here.

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Leeds Office Market Report Q4 2018

View the full report by clicking here. In the City centre, Q4 take up totalled 134,579 sq ft over 32 transactions. Total take-up in Leeds city centre reached 663,233 sq ft in 2018, 10% above the 10 year average, whilst the out of town sector reached a total take-up of 399,582 sq ft, a 22% increase on the previous year.

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View the full report by clicking here.

In the City centre, Q4 take up totalled 134,579 sq ft over 32 transactions. Total take-up in Leeds city centre reached 663,233 sq ft in 2018, 10% above the 10 year average, whilst the out of town sector reached a total take-up of 399,582 sq ft, a 22% increase on the previous year.

[fulltext] =>

At the year end there is barely any new-build, Grade A accommodation currently available to lease with only a floor of c. 13,000 sq ft at 6 Queen Street and the part 4th floor at 3 Sovereign Square of c. 4,200 sq ft remaining. All the remaining space at Central Square, 3 Wellington Place and the other space at 3 Sovereign Square is in solicitors hands.

We expect the first quarter of 2019 to post relatively strong take-up but thereafter take-up figures are likely to be constrained by the lack of available supply, rather than a lack of demand. This will lead some larger occupiers to seek out pre-lets in order to satisfy their future requirements, with a handful of professional services companies active in the market at present.

For further information about the market update please contact Richard Dunn, head of our office agency team on 0113 221 6137.

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Prime investment opportunity on the market in Bradford

A high specification trade counter investment is being offered for sale in Bradford. The property is let in its entirety to Selco Trade Centres Ltd (T/A Selco Builders Warehouse and Plumbase) on a 25 year lease from 10th September 2008 with a rental guarantee from Grafton Group (UK) PLC. Occupying a highly prominent position on major link Road, Tong Street, the property comprises two modern trade counter units measuring over 48,000 sq ft GIA.

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A high specification trade counter investment is being offered for sale in Bradford. The property is let in its entirety to Selco Trade Centres Ltd (T/A Selco Builders Warehouse and Plumbase) on a 25 year lease from 10th September 2008 with a rental guarantee from Grafton Group (UK) PLC.

Occupying a highly prominent position on major link Road, Tong Street, the property comprises two modern trade counter units measuring over 48,000 sq ft GIA.

[fulltext] =>

Selco occupy the larger of the two units, utilising the space as a builder’s warehouse for trade purposes and the second unit is occupied by Plumbase for use as a plumber’s merchant showroom.

Jonathon White, industrial agent in our Leeds office commented, “This fantastic trade counter investment represents an incredibly rare opportunity with over 14 years remaining on the lease and a PLC guarantee.

“Bradford is an incredibly well-connected city within the central core of West Yorkshire and the subject property takes advantage of this, located on Tong Street, a busy road link within 2 miles of the city centre.

The investment, with a passing rent of £320,756 per annum, is being offered for sale by our Leeds industrial agency team, who are seeking offers over £5,500,000, subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive 5.47% NIY.

For further information you can view the property listing here or contact Jonathon on 0113 221 6141.

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Agency - sales & lettings

Our award winning property agents provide transactional services across the UK to owners, occupiers, investors and developers. Our agency teams specialise in regions and industries around the country, providing local insight and technical knowledge that's relevant to your business, property and location. We add value by offering commercially astute advice, and alerting you to the opportunities and threats that might affect your transaction. We'll also work with our property and building consultants to advise you on planning, valuations, business rates, dilapidations, building surveys, lease and rent reviews, as well as talk to our in house architects about any fit-out requirements.   Contact Us

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Our award winning property agents provide transactional services across the UK to owners, occupiers, investors and developers.

Our agency teams specialise in regions and industries around the country, providing local insight and technical knowledge that's relevant to your business, property and location.

We add value by offering commercially astute advice, and alerting you to the opportunities and threats that might affect your transaction.

We'll also work with our property and building consultants to advise you on planning, valuations, business rates, dilapidations, building surveys, lease and rent reviews, as well as talk to our in house architects about any fit-out requirements.

 

Contact Us

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Work on £35m ‘prestigious development’ in York city centre set to begin

Development of a mixed-use scheme in York city centre comprising of 127 apartments and 34,500 sq ft of office space, is to begin this month after Yorkshire-headquartered Caddick Construction were awarded the contract. For all office enquiries please contact our Leeds agency team, or joint agents JLL.

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Development of a mixed-use scheme in York city centre comprising of 127 apartments and 34,500 sq ft of office space, is to begin this month after Yorkshire-headquartered Caddick Construction were awarded the contract. For all office enquiries please contact our Leeds agency team, or joint agents JLL.

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