193 High Street, Northallerton, North Yorkshire

Description

Prime freehold retail investment newly let to Boots Opticians Professional Services Limited. The property comprises 417.69 sq m (4,496 sq ft) over ground, basement and two upper floors, with a large site including circa twelve car parking spaces to the rear. The shop has been comprehensively refurbished. VAT is not applicable. Completion date: 11th January 2027.

Accommodation

417.69 sq m (4,496 sq ft) over ground, basement and two upper floors

Location

Northallerton is the county town of North Yorkshire and an attractive and prosperous market town. The property is situated on the west side of High Street, the town's main retail thoroughfare. The A19 is approximately 4.5 miles to the east and the A1(M) Junction 51 approximately 6 miles to the west. Northallerton Train Station is on the East Coast Main Line with regular services between London and Edinburgh. The town's main car park, with approximately 500 spaces, is to the rear.

Tenure / Property Information

Investment Analysis

The only completed-sale evidence is the same property, sold freehold for £1,510,000 on 18 January 2018. This supports a provisional base GDV of £1,510,000, but it is historic and no current comparable evidence, rental income or formal valuation is supplied. The £850,000–£900,000 guide is materially below that historic sale price, but current value cannot be reliably established from the evidence alone.

Investment Snapshot

Strategy Recommendation

Consider as a long-term commercial income investment only after verifying the contracted rent, full lease terms, tenant covenant, current valuation and all auction-related costs. Do not rely solely on the 2018 sale evidence.

Works Required

No works allowance is supported: the property is stated to have been comprehensively refurbished. Verify the condition, specification and any outstanding compliance or maintenance requirements before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the historic same-property sale as a provisional £1,510,000 base GDV, 75% refinance would equate to £1,132,500. Total acquisition, refurbishment, finance and other costs are unavailable, so cash left in and equity cannot be calculated. The refinance figure should not be treated as a current valuation or lending commitment.

Buy-to-Let Analysis

This is a commercial retail investment rather than a conventional residential BTL. The tenant and 10-year lease are stated, but the passing rent, rent review provisions, repairing obligations and other lease terms are not supplied. Consequently, rental income and yield cannot be calculated.

Flip Analysis

A flip assessment cannot be completed reliably because there is no current GDV, supported selling-cost allowance or refurbishment budget. The historic £1,510,000 sale provides context against the £850,000–£900,000 guide, but the 2018 transaction may not represent current market value.

Investor Risks & Due Diligence

• The only comparable sale is historic, dating from January 2018, and may not reflect current market value.

• Passing rent and rent review provisions are not supplied, preventing income and yield analysis.

• Lease terms beyond the 10-year term and absence of breaks are not supplied, including repairing and service-charge obligations.

• Additional seller or third-party charges may apply, but no amounts are provided.

• The stated 75% refinance figure is based only on the historic comparable and is not a lending commitment or current valuation.

Recommendation

Consider as a long-term commercial income investment only after verifying the contracted rent, full lease terms, tenant covenant, current valuation and all auction-related costs. Do not rely solely on the 2018 sale evidence.

Strategy Rating

Analysis Confidence

The property description, tenure, occupancy, lease commencement and one completed sale are supplied, but current rental income, lease detail, costs, current comparables and condition evidence are incomplete.