York restaurant and bar go up for sale – with a combined asking price of £3.5m

All Bar One on New Street. Photographs: Richard McDougall
22 Jan 2019 @ 7.00 pm
| Business

If you’ve a spare million or three burning a hole in your back pocket, you might want to invest in York’s hospitality scene.

There’s a major online auction of business properties next month, and two prime city properties are among the lots.

But you’ll have to dig deep to snap them up, as their total selling price is estimated at £3.5 million.

Both are occupied at the moment – and they are seen very much as investment opportunities, aimed at pension funds and similar corporate investors.

The two properties are due to go under the hammer at the Allsop auction on February 5.

Lot number one

You’ll need a few quid to buy this burger joint,

First up is 11 High Ousegate. Entirely let to Byron Hamburgers until 2029, the Grade II listed building comprises nearly 4,400 sq ft of space over four floors.

The current rent is £125,000 per year. The lease allows rent reviews every five years.

It has a guide price of £1.8m+.

The sale details say it is within a conservation and well located, with the entrance to Coppergate Shopping Centre just 60m away.

Lot number two

The second property up for grabs is 13-17 New Street.

This is let to All Bar One until at least 2024. Rent income is currently £116,500 a year, with rent reviews every five years.

Buy this one, and you’ll gain 9,300 sq ft of floorspace over three floors, all just 380 metres from York Minster.

The guide price is £1.7m+.

It is found next door to one of the entrances to the old BHS building, which YorkMix revealed has been bought by a subsidiary of Mike Ashley’s Sports Direct Group for more than £10 million.