Café Nero, 16 Davygate, York Y01 8RJ
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£800,000
Oct 2021
NorthCap has successfully acquired this prime high street unit in York City centre acting for the purchaser Helmsley.
The property is fully let to Nero Holdings Limited on fully repairing and insuring terms from 11 January 2016 to 10 January 2026. The contractual rent is £75,000 per annum but the tenant had recently entered into a company voluntary arrangement, whereby the rent passing equates to 15% of turnover until December 2023, subject to a collar of £4,687.50 per quarter.
The purchase price was £800,000 reflecting a net initial yield of 9% adopting the headline rent.
The vendor was represented by OBI.
