Sizeable mixed-use property: self-contained offices, leisure, clinic and warehouse/data centre. Fully let to 5 tenants. We are instructed to seek offers in excess of £7,000,000 subject to contract and exclusive of VAT reflecting a Net Initial Yield of 7.57% assuming usual purchaser's costs. Reflects a purchase price of c. £68 psf capital value.
( Agency Pilot Software Ref: 104 )
Location
The property is situated on Limewood Approach, a highly prominent road which runs parallel to the A6120 Leeds Outer Ring Road, a main arterial route serving the North of the city. The site also has frontage / vehicular access from Ramshead Approach and Limewood Road. The building is located on the West side of the Ring Road, in-between its junctions with the main A64 York Road and the A58 Wetherby Road, providing unrivalled access to North Leeds.
The property is approximately 4 miles to the North East of Leeds City Centre in the Seacroft area which boasts a wealth of major commercial occupants incl. Unilever & Npower alongside its long-established residential community. Until recently, AGFA was also represented in Seacroft on a 14- acre landholding which has recently been sold for redevelopment. The immediate surrounding area includes a number of office/trade counter/industrial occupiers, including Seacroft trade park with the likes of Howdens, Screwfix and Travis Perkins alongside Limewood Business Park with Transcom, WCS Group and Nova Contracting.
Accommodation
The property extends to approx. 102,437 sq ft in total and sits on a circa 2.47-acre site with frontages onto Limewood Approach, Ramshead Approach and Limewood Road. Adjacent to the property in the “island” between Limewood Approach and the Outer Ring Road is a 0.59-acre shared car park with several other car parking zones laid out around the perimeter of the main site.
Terms
TENURE The property is held under 2 separate Long Leasehold interests originally from Leeds City Council, dated 1981 & 1987. Both leases expire in 2106 (85 years). Following a deed of variation on both leases the premises pay a combined annual ground rent of £14,000. An index linked review (with collar and cap of 1-2.5%) applies every 5 years from 2009. These leases separately reflect the building and adjoining car park under title numbers WYK674687 and WYK607374 respectively.
VAT The property is elected for VAT. It is anticipated the sale will be conducted via a Transfer of a Going Concern (TOGC).
EPC EPCs are available on request.
STAGE 2 INFORMATION Access to a data room with all lease and title documents is available upon request
Specification
- LEEDS IS THE THIRD LARGEST CITY IN THE UK
- POPULATION OF 781,700 PEOPLE GENERATING
- 5% OF ENGLAND’S TOTAL ECONOMIC OUTPUT