FOR SALE LARGE MIXED USE INVESTMENT - NORTH LEEDS - LIMEWOOD APPROACH, SEACROFT, LEEDS LS14 1NH - Fox Lloyd Jones
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
FOR SALE
LARGE MIXED USE INVESTMENT – NORTH LEEDS
TEMPLE HOUSE
LIMEWOOD APPROACH, SEACROFT, LEEDS LS14 1NH
INVESTMENT
SUMMARY
• Sizeable mixed-use property • Highly prominent roadside • Total passing rent
containing self-contained position fronting the A6120
£565,982.50 pax
offices, leisure, clinic and Leeds Outer Ring Road, just 4
warehouse/data centre miles North East of Leeds city
• 6.58 years WAULT
premises centre with good accessibility to
‘Golden Triangle’ catchment (incl. breaks) 10.08 years
• Fully let to 5 tenants including to expiry
Virgin Media, Ninja Warrior, • Long established and popular
Instant Managed Offices obo mixed-use location with nearby • Long Leasehold interest
DWP, Vet Partners and Premier office parks, trading estates, HQ
Martial Arts facilities and destination retail / • We are instructed to
leisure premises
• 102,437 sq ft in total on a site seek offers in excess of
of 3.06 Acres (1.24 Ha) split • Superb road connections £7,000,000 subject to
across two plots with the A58 Wetherby contract and exclusive of
Road and A64 York Road
• Extensive car parking both on VAT reflecting a Net Initial
nearby connecting to J46 M1
site and in dedicated car park (Motorway) alongside the new Yield of 7.57% assuming
adjacent with 155 allocated East Leeds Orbital Route (ELOR) usual purchaser’s costs.
spaces in total (1:660 sq ft ratio) Reflects a purchase price
of c. £68 psf capital value
WELL
STONED
LIMEWOOD JD GYMS
BUSINESS PARK
KFC
LIMEWOOD
APPROACH
TOOL
STATION
RAMSHEAD
APPROACH
COAL ROAD
SCREWFIX
LEEDS RING ROAD
A6120
M1 J46 3.3 MILES
SOUTH EAST
1 WYK674687
WYK607374
2
LO CAT I ON
The property is situated on Limewood The property is approximately 4 miles to Nearby suburbs include Thorner, Scarcroft
Approach, a highly prominent road which the North East of Leeds City Centre in the and Roundhay with its 700-acre park – one
runs parallel to the A6120 Leeds Outer Seacroft area which boasts a wealth of of the biggest city parks in Europe attracting EAST LEEDS
Ring Road, a main arterial route serving the major commercial occupants incl. Unilever nearly 1 million visitors a year.
ORBITAL ROUTE
North of the city. The site also has frontage & Npower alongside its long-established
/ vehicular access from Ramshead Approach residential community. Until recently, AGFA Seacroft Green Shopping Centre is a short (ELOR)
and Limewood Road. was also represented in Seacroft on a 14- walk to the south and includes retailers such
acre landholding which has recently been as Tesco Extra, Greggs, JD Sports, Poundland,
The building is located on the West side Card Factory and Subway, amongst others, Road communications are due to improve
sold for redevelopment.
of the Ring Road, in-between its junctions providing a wealth of local and amenities. further with the East Leeds Orbital
with the main A64 York Road and the A58 The immediate surrounding area includes a Route (ELOR) now under construction,
Wetherby Road, providing unrivalled access number of office/trade counter/industrial Junction 46 of the M1 is located designed to enhance this major strategic
to North Leeds. occupiers, including Seacroft trade park with approximately 3 miles to the south, offering growth area for Leeds. The first phase
the likes of Howdens, Screwfix and Travis excellent wider road connections to the was completed in Dec 2019, improving
Perkins alongside Limewood Business Park property. There is a bus stop directly a number of existing Outer Ring Road
with Transcom, WCS Group and opposite the building providing access to junctions with works commencing on
Nova Contracting. numerous bus routes across Leeds and the main ELOR Jan 2020 and due to
frequent services into the city centre. complete by Autumn 2022.
WATCH VIDEO
LEEDS AND Leeds is the third largest city in the UK with
a population of 781,700 people; it has a
DEMOGRAPHICS thriving and diverse economy which has
witnessed the fastest rate of private-sector
jobs growth of any UK city, generating 5% of LEEDS IS THE THIRD
LARGEST CITY IN THE UK
England’s total economic output.
After London, Leeds is the largest legal and The city is home to two of the UK’s leading
financial centre in the UK with the financial universities, the University of Leeds and
and insurance services industry worth £13 Leeds Beckett University, both of which have
billion to the Leeds economy, with more than world-class research facilities, as well as
30 national and international banks located two of the top business schools, with Leeds
in the city including the only subsidiary office Trinity specialising in teaching. The city also
of the Bank of England. has one of the largest teaching hospitals in POPULATION OF
Europe, which cares for more patients than 781,700 PEOPLE
anywhere else in the north of England.
Leeds has a strong visitor economy, ranked
fifth on Lonely Planet’s Best in Europe 2017
list, and is a vibrant, varied and cultural
hub with 331,000 overseas visits to Leeds
and 1.4m overseas visits to Yorkshire with
tourists spending £516m.
GENERATING 5% OF ENGLAND’S
TOTAL ECONOMIC OUTPUT
D E S CR I PTI ON
THE PROPERTY IS SPLIT INTO 3 COMPONENT PARTS:
The property comprises a prominent
01 OFFICE/SHOWROOMS
02 LEISURE/WAREHOUSE
03 LOWER GROUND
former office/warehousing facility FLOOR/WAREHOUSE
which has been upgraded / sub divided Comprising a two-storey office block in an The former “north lit” warehouse area which Accessed off Limewood Road to the rear
to create a multi let mixed-use asset “L” shape configuration boasting substantial sits to the rear of the office block is now a of the property is the lower ground floor
with several self-contained demises floor to ceiling heights and open plan prominent and sizeable, single floor leisure demise which runs across the entirety
sharing its multiple access points. workspace it has now been carved out to / entertainment destination. The unit has of the property on a single floor plate
create 3 x self-contained units. dedicated parking directly outside alongside which is utilised by Virgin Media as a
The property extends to approx.
additional spaces in the shared car park. The communications hub/data centre.
102,437 sq ft in total and sits on a The original main access point serves premises boasts excellent floor to ceiling
circa 2.47-acre site with frontages as the entrance for Instant Group who height ranging from 3.6m – 7.8m and was
onto Limewood Approach, Ramshead operate a managed office solution for operated as a gym before more recently
Approach and Limewood Road. DWP as a job centre for work coaching. becoming Ninja Warrior who will offer a
The demise has a small ground floor lobby family orientated leisure experience.
Adjacent to the property in the “island”
/ reception area which leads to the full first
between Limewood Approach and the
floor open plan workspace split across
Outer Ring Road is a 0.59-acre shared
two wings.
car park with several other car parking
zones laid out around the perimeter At ground floor level two new self-
of the main site. contained access points have been
introduced alongside recladding exercise
The property is highly visible to the high
to create two office/showroom units
volume of passing traffic using the Outer
which are let to Premier Martial Arts &
Ring Road and offers ready access points
Beechwood Vets.
off Limewood Approach / Ramshead
Approach. The building sits on a gently
sloping site from East to West allowing
for a substantial lower ground floor
demise accessed to the rear
off Limewood Road.
ACCO MODAT I ON
FLOOR TENANT DESCRIPTION SIZE (SQ/FT) SIZE (SQ/M) CAR PARKING
Lower Ground VIRGIN MEDIA Single floor, lower ground floor
44,333 4,119 15
Floor LIMITED accessed to the rear - used as data centre
Lower Ground NINJA LEISURE Single floor, large floor plate,
39,276 3,649 70
(Warehouse) (LEEDS) LIMITED leisure unit with North lit roof
(Offices/Retail/ VET PARTNERS
Self contained ground floor unit off frontage 5,660 526 19
Showroom) PRACTICES LIMITED
(Offices/Retail/ PREMIER MARTIAL
Self contained ground floor unit off frontage 1,647 153 6
Showroom) ARTS LEEDS
Part Ground Floor INSTANT MANAGED L-shaped first floor office premises with
11,521 1,070 45
& First Floor OFFICES LIMITED designated ground floor access / reception
ARQIVA Telephone Mast - - -
102,437 9,517 155
SIT E L AYOU T
NINJA VET
VIRGIN MEDIA
WARRIOR PARTNERS
INSTANT OFFICES PREMIER
/ DWP MARTIAL ARTS
T EN A N CY D E TA ILS
WAULT
LEASE NEXT WAULT RENT SIZE
FLOOR TENANT FROM TO BREAK(S) (to lease RENT PA COMMENTS
TERM REVIEW end)
(to break) PSF (SQ/FT)
Rent increased to fixed sum of £110,000 per annum (exclusive of VAT) with
effect from the review date of 21 December 2019 (i.e. no formula increase),
L/G VIRGIN 25 Year 21/12/30
21/12/09 20/12/34 20/12/24 13.64 9.64 £110,000.00 £2.48 44,333 until next rent review in 2024 where it reverts to normal rent review
Floor MEDIA LTD Lease 21/12/33
provisions as per the lease. Reference to original lease variation dated
21/12/09. The repair liability is limited by a schedule of condition.
15 Year There will be a rent review upon the expiry of every fifth year of the term
G/ NINJA LEISURE Lease
19/2/21 18/2/36 19/2/26 19/2/31 14.80 9.80 £190,000.00 £4.84 39,276
to the Lower of Open Market Value or 2.5% compound per annum. The
Floor (LEEDS) LTD 10 Year Under Tenant is to benefit from a rent free period of three months to
Break commence on 1st July 2021 to be taken as 6 months half rent.
15 Year
There will be an upwards only rent review upon expiry of every 5th year
G/ VET PARTNERS Lease
26/6/20 21/6/35 26/6/25 25/6/30 14.14 9.15 £76,410.00 £13.50 5,660 of the term. The basis of rent review will need to reflect a notional CAT A
Floor PRACTICES LTD 10 Year
works specification with the assumption the landlord works are completed.
Break
10 Year
G/ PREMIER Lease
Floor
MARTIAL 5 Year
1/9/20 31/8/30 - 31/8/25 9.33 4.33 £22,234.50 £13.50 1,647 Rent commencement 1st March 2021.
ARTS LEEDS Break
THE TENANT
Instant Managed
Rent based on £15 psf on the office space and half
Part G/ Offices Limited 5 Year rent on reception / lobbies and 45 Cps included in
Floor Lease the rent. The tenant is benefitting from 4 months rent
and THE CLIENT 26/2/21 25/2/26 - 25/2/24 4.82 2.81 £163,260.00 £14.17 11,521 free. The Landlord, Instant and Client shall enter a
Full 1st The Secretary of 3 Year Tenant Substitution Agreement under which the parties
Break shall document the process to apply in the case of
Floor State for Community
termination of the Lease or MLease.
Housing and Local
Government
ARQIVA 20 Years 21/1/05 26/1/25 21/1/21 - 3.73 3.73 £4,078.00 - - Telephone mast income with annual reviews in line RPI.
10.08 6.58 £565,982.50 £9.70 102,437COV EN A N T I NFO R M ATI ON
VIRGIN MEDIA INSTANT MANAGED NINJA LEISURE VET PARTNERS PREMIER MARTIAL
TENANT
LIMITED OFFICES LTD (LEEDS) LTD PRACTICES LTD ARTS LEEDS
DESCRIPTION Virgin Media is a British Established in 1999, Created for ITV, Ninja Vet Partners was established Premier Martial Arts was
telecommunications The Instant Group is a Warrior is a British physical in 2015 by Jo Malone, a founded by martial arts
company founded in 2006 market leading workspace obstacle assault course qualified vet, to create a expect Ricky Lam and
which provides telephone, innovation company ranked game show which has group to help practices grow incorporates a combination
television and interest #28 in the Sunday Times attracted a substantial which included Minster Vets of techniques found in
services in the UK. It forms HSBC International Track fanbase. It is based upon in York and 2 others. It has three effective disciplines:
part of Liberty Global 200. Instant employs over the Japanese game show since grown significantly Taekwondo, Kickboxing and
PLC the worlds largest 300 staff worldwide and Sasuke and includes a variety to 448 sites including new Krav Maga (self defence)
international TV and has clients in more than of obstacles including the practices and veterinary to provide students with a
Broadband company with 150 countries delivering notable “warped wall”. A hospitals at Farnham Surrey, realistic personal protection
22 million customers. bespoke managed office partnership/affiliation with Woodcroft Cheshire and system. It currently has 2
solutions alongside ITV has enabled the iconic Valley South Wales. In 2019, centres across the region
portfolio managed and brand to be delivered for it expanded into Europe and is widely regarded as a
serviced office/coworking public use with a substantial opening 5 practices in Italy premium destination for both
brokerage. roll out programme delivering and France. VetPartners is adults and children.
across the UK with Sheffield, funding the Seacroft project
Liverpool, Trafford Park now on behalf of Beechwood
open. Veterinary Group who are
relocating from Crossgates
to create a state of the art
facility.
D&B RATING
Minimum Risk Minimum Risk Lower than Average Risk Lower than Average Risk N/A
“RISK INDICATOR”
% OF INCOME 19% 29% 34% 13% 4%CONTACT
For further information please contact the
sole selling agents Fox Lloyd Jones.
FURTHER
PAUL FOX
INFORMATION paul.fox@fljltd.co.uk
NICK SALKELD
TENURE
nick.salkeld@fljltd.co.uk
The property is held under 2 separate Long
Leasehold interests originally from Leeds City HARRY FINNEY
Council, dated 1981 & 1987. Both leases harry.finney@fljltd.co.uk
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 0113 243 1133
and adjoining car park under title numbers
WYK674687 and WYK607374 respectively.
MISREPRESENTATION ACT DISCLAIMER.
VAT Fox Lloyd Jones Ltd for themselves and for the
The property is elected for VAT. It is vendors/lessors of the property whose agents they are,
give notice that:
anticipated the sale will be conducted via a 1. These particulars are set out as a general outline for the
guidance of the intended purchasers or lessees, and do
Transfer of a Going Concern (TOGC). not constitute part of, an offer or contract;
2. All descriptions, dimensions, reference to, tenure,
EPC tenancies, condition and necessary permissions for the
use and occupation, and other details are given without
EPCs are available on request. responsibility and any intending purchaser or tenant
should not rely on them as statements or representations
of fact but must satisfy themselves by inspection or
STAGE 2 INFORMATION otherwise as to the correctness of each of them;
Access to a data room with all lease and title 3. No person in the employment of Fox Lloyd Jones Ltd
has any authority to make or give any representations or
documents is available upon request. warranty in relation to this property.
MAY 2021You can also read
