Key Features

• 137,700 sq ft of ground floor commercial space including retail, leisure and office accommodation
• Secure ground rent income from two office blocks
• Total commercial income of £1,121,806 from 17 leases
• Tenants include Pizza Express, Journey Further, Mumtaz and P+HS Architects, Luminate Education Group and Places For People
• WAULT of 4.65 years to lease expiries (2.89 years to breaks)
• Extensive common parts for social activation and tenant engagement
• Located adjacent to the Royal Armouries Museum, the UK's national collection of arms and armour and one of the most popular visitor attractions in the UK
• Leeds Dock and the Royal Armouries Museum have been the host venue for the UKREiiF conference since its launch in 2022, and have secured hosting the event through to 2027
• 50% of the commercial floor space is let providing asset management opportunities on the vacant space
• Long leasehold
• Proposal:
• We are instructed to seek offers in excess of £10,750,000, exclusive of VAT and subject to contract. A sale at this level would reflect the following metrics:
• - NIY of 6.75% on the net passing rent on the commercial units, allowing for the head rent payable.
• - Capital Value of £65.00 psf on the ground floor commercial space.
• - Potential Reversionary Yield in excess of 25.00% based on fully letting the commercial space at ERV.
• - NIY of 6.25% on the passing ground rent income.