The property comprises a prominent, Grade II Listed, character building of four retail units at ground level with substantial office space to the first, second and third floors, served by a dedicated entrance on Harper Street. There is further storage space within the basement accessed via an entrance adjacent to the office entrance.
Location
LOCATION - Leeds is a major commercial and regional centre in the North of England and the principal city in the North East of England, lying midway between London and Edinburgh. It is located approximately 195 miles north of London, 44 miles north-east of Manchester and 33 miles north of Sheffield. City centre retail floorspace in Leeds is estimated at 2.29 million sq ft, with the Trinity Shopping Centre completed in 2013 making up 1 million sq ft. The total population within the Leeds primary catchment area is 1.48 million (ranking it 4th of the PROMIS centres) with the estimated shopping population of Leeds at approximately 640,000 (ranking it 6th of the PROMIS centres). Easily accessible to and from the national motorway network via the A61 Crown Point Road and Hunslet Road, New York Street is also located within close proximity to the new Victoria Gate development which will include a flagship John Lewis store.
SITUATION - The subject property is situated fronting New York Street and Harper Street on the fringe of the retail quarter of Leeds, adjacent to the Kirkgate markets. Kirkgate lies in the south eastern corner of Leeds city centre situated between Eastgate/Harewood Quarter, Kirkgate Market and the Riverside area. The area north of Kirkgate, where the subject property is located, consists of late 18th century and early 19th century three storey-houses which have had shop fronts inserted at ground floor level. A range of uses can be seen in the immediate vicinity and nearby occupiers include: The Co-Operative, Leeds City Credit Union, The Post Office, Domino’s, Storeys Amusements, an NCP car park and a number of bars and public houses.
Accommodation
The first and second floor offices are fitted to a good standard and include:-
- Raised access floors
- Fully carpeted & decorated on first & second floor
- Modern lighting to first & second floor
- WC facilities
- Fitted kitchen facilities
- Security intercom system
- Mixture of open plan and cellular offices
RESIDENTIAL OPPORTUNITY - The office element of the property would be suitable for conversion to residential apartments subject to attaining the relevant planning consents. A scheme has been designed to provide 19 one bed apartments and 4 two bed apartments. We believe that the current residential values for these types of apartments in this area are in the region of £200 to £270 per sq ft.
Terms
We are instructed to seek offers in excess of £1,750,000 (One Million Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level will reflect a very low capital value of £88 per sq ft assuming purchase costs of 6.20%.