A shop in High Ousegate, York, is being auctioned this month at a guide price of between £1.1 million and £1.2 million.
Owner Prudential Property investment Managers Ltd is selling the ground and two upper floors of premises sub-let by Fat Face, the young people's clothing chain, at an Allsop & Co auction at London's The Berkeley Hotel, Wilton Place, Knightsbridge on Tuesday, March 22.
The building is let to Genco (SPIL) property investment group on a lease which expires in 2062 at a rent of £60,000 a year. It charges the Fat Face chain £75,500 per year.
Philip Parsons of Allsop said: "There are two big reasons for the guide price. One is that it is double let and, therefore, assures double cover along with a 5.2 per cent of return on your money, along with a rent review due in 2013.
"The other reason is that York is an increasingly popular shopping centre and freeholds don't come up that often."
Updated: 09:44 Tuesday, March 08, 2005
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