St Brides purchased the asset for £5.8 million showing a net initial yield of 5.18%. The store occupies arguably the most prominent location in the city on the corner of Briggate and Commercial Street and is let to H Samuel until 2022 at £320,000 pa.
The opening of Trinity Leeds and Victoria Gate in the past four years have transformed Leeds city centre. Whilst the city already had a well established reputation as a destination for quality fashion, the improved retail offer has propelled Leeds to the top of PMA’s rankings, making it the UK’s premier shopping destination outside Central London, ahead of Manchester, Glasgow and Birmingham.
The rateable value of the location will support rental growth. Although it will taper over time, the drop in rateable value by around 40% will significantly reduce occupational costs making the location more affordable.