Broadway House provides ground floor retail units occupied by Skipton Building Society, Leeds Building Society and Ladbrokes, together with three storeys above of excellent quality office accommodation. There is further basement storage. The retail units have the benefit of frontages to Market Street, Broadway and Bank Street. The main office entrance from Bank Street has been refurbished to an excellent standard.
Location
The City of Bradford has a local population in the order of 290,000, and is well situated within the central core of the West Yorkshire conurbation being approximately 9 miles West of Leeds and 11 miles North East of Huddersfield. The City has good road communications with a number of major roads connecting it to the surrounding towns, including Shipley, Bingley and Brighouse. The City also has its own motorway spur (M606) which connects with the M62 Motorway, approximately 4 miles South of the City Centre, thus providing convenient access to other parts of the region. The City also enjoys not only excellent access to the National Railway Motorway Network, but also, a direct high speed rail connection to London Kings Cross as well as regular local Intercity train services to Leeds, the Wharf Valley, Aire Valley and beyond. Bradford has two railway stations at Forster Square and Bradford Interchange within the City Centre and provides direct services to the following UK cities in the approximate journey time stated:
• London (Kings Cross) - 170 Minutes
• Manchester - 65 Minutes
• Leeds - 20 Minutes
• York - 62 Minutes
• Skipton - 39 Minutes
Leeds Bradford Airport is approximately 30 minutes drive from the City. Manchester, East Midlands and Doncaster Airports are all within approximately 1½ hours drive and each provide a range of domestic, European and international services.
The property is situated on Bank Street, between Market Street and Broadway (with frontages to both) at the heart of Bradford’s prime retail area. The building is close to major retail developments on Bank Street/Market Street (the Wool Exchange) and, on Bank Street/Tyrrel Street (former Rackhams Department Store Development). Bank Street is the continuation of Darley Street, the prime retailing area and, historically has links to the upper and lower parts of the City. Broadway, the continuation of which, will join into the “Broadway Shopping Centre” which has been proposed by Westfield and is currently stalled, will further enhance the strong pedestrian flow in the immediate vicinity. This strong retail pitch is enhanced by nearby occupiers including HSBC Bank Plc, Yorkshire Building Society, Yorkshire Bank Plc, Café Nero, Boots, Superdrug, HMV etc. Nearby major office occupiers include Bradford Council (Britannia Chambers), the Telegraph & Argus (Hall Ings) and City Hall. The property further benefits from excellent proximity to Bradford County Court, the Hilton Hotel, Hall Ings multi-storey car park and, the Centenary Square Development (currently in the process of being completed to include Mirror Pool, External Public Realm etc).
Accommodation
Ladbrokes Betting and Gaming Ltd - 3 Bank Street, Ground Floor 1,801 sq ft, 1,355 ITZA
Vacant - 7 Bank Street, Ground Floor, 547 sq ft, 458 ITZA
Leeds Building Society - 11 Bank Street, Ground Floor, 1,741 sq ft, 954 ITZA
Skipton Building Society - 53 Market Street, Ground Floor, 1,332 sq ft, 836 ITZA
Office Angels Ltd - 9 Bank Street, First Floor, 1,808 sq ft
Vacant - 9 Bank Street, First Floor, 2,885 sq ft
The Schools Linking Network Ltd - 9 Bank Street, Second Floor, 2,921 sq ft
Grand Central Railway Company Ltd - 9 Bank Street, Second Floor, 2,301 sq ft
Messrs Hyland, Wood, Newbon & Jones - 9 Bank Street, Third Floor, 5,353 sq ft
Total Area - 20,815 sq ft
Terms
We are instructed to seek offers in excess of £3,100,000 (Three Million, One Hundred Thousand Pounds) for the freehold interest in the subject property. A purchase at this level reflects a net initial yield of 7.86% assuming usual purchasing costs of 5.75% and, a reversionary yield of 9.53% on letting the vacant office suite and retail unit.
The property is let and currently produces a passing rent of £257,785 per annum.
Asset Manangement Opportunities:
• Letting of vacant office and retail accommodation
• Negotiation of longer leases with Skipton Building Society and Leeds Building Society
• Improve income profile by re-gearing office leases and removing breaks
Specification
The offices include the following specification:-
• Suspended ceilings with recessed Category II lighting
• Self contained male and female toilet facilities
• Two 8-person passenger lifts
• Feature main entrance
• Self contained staff facilities