RLAM sells Harrogate retail assets for 30% over asking price

Royal London Asset Management has sold a premier run of high street shops in Harrogate, Yorkshire, for £4.8m – 30% up on the asking price. A private investor has bought 36-46 James Street in a deal that represents a net yield of 5.54%. When the site was first marketed by TW Keil three months ago, the firm was looking for offers of more than £3.75m. The total 16,745 sq ft is divided into four shops – 36 A (2,308 sq ft), 38 (5,490 sq ft), 40 (3,357 sq ft) and 44-46 (4,201 sq ft) James Street and one vacant office at 36 B (1,924 sq ft). The shops are leased to Jigsaw, Cornish Bakery, Piglet in Bed and Ogden’s of Harrogate. The properties have an average remaining lease term of 8.05 years, with 5.44 years until the break, and generate passing rent of £293,303. The private investor was advised by Peasgood Associates. See occupational sale comparables for Harrogate >> Photo © Royal London Asset Management