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Aug 2022

Last Updated: 12/08/2022

Business

Prestigious building on Harrogate's James Street put on the market

by Vicky Carr

| 12 Aug, 2022

The freehold of the property — home to the Harrogate branch of department store Hoopers — is being marketed for offers over £3.85m by Green & Partners.

A landmark building on Harrogate's prestigious James Street has been put on the market for offers over £3.85m.

The freehold of the property — home to the Harrogate branch of department store Hoopers — is being marketed by Green & Partners.

The particulars say the retail business has a remaining lease of two years and eight months, due to expire or be renewed in March 2025.

The description says:

"The property comprises a retail store arranged on ground, basement and three upper floors. Sales accommodation is offered over ground, basement and two upper floors with ancillary accommodation at third floor level.

"There is a main staircase and customer lift to the rear of the property which connects all five levels. The property is serviced to the rear with deliveries taken into the basement level via Market Place. The property lies within a conservation area and is not listed."

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The building, at 28-32 James Street, extends to 1,904m sq and currently generates an annual rental income of £350,000 on a full repairing and insuring lease.

It was previously sold in 2010 for £5.95m, according to the Land Registry. If the guide price is achieved, it would represent a drop in value of more than 35% in the last 12 years.

The sales particulars state that James Street is viewed as "the prime retailing thoroughfare" and cite brands including Oliver Bonas, Joules, Hotel Chocolat and Whistles as examples of its "higher end boutique" shops.

The information also advises that options for the building include negotiating a new lease to Hoopers, or securing vacant possession in order to redevelop the site. The description says:

"Neighbouring properties have achieved planning permission to convert and extend upper parts into residential flats and we believe the subject property lends itself to a full redevelopment (STPP [subject to planning permission]). The property benefits from large and regular floor plates with good natural light.

"The property is also well situated in the town centre for residential occupiers as in close proximity to the train station, which would suit commuters to Leeds and York extremely well. Harrogate house prices are some of the most expensive in Yorkshire highlighting the popularity to live in the area."

The Stray Ferret has approached Hoopers for a comment but has not yet received a response.

The building was previously home to Marshall & Snelgrove. The late historian Malcolm Neesam wrote about its history for the Stray Ferret's history walks, available by clicking here.

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Prestigious building on Harrogate's James Street put on the market

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