WARDLEYHOUSE
The Wardley Centre, 3 - 23 Little Horton Lane & Princes House, Little Horton Lane, Bradford, BD5 0AD
FOR SALE LONG LEASEHOLD OPPORTUNITY Currently producing an estimated Net Income of £101,727 pa Excl with residential conversion opportunity to provide 16 one bedroom apartments.
Fixed rental increases, in leases for large space users. WARDLEYHOUSE
INVESTMENT SUMMARY Prominent centrally located mixed retail and leisure investment opportunity
• Total income of approx £113,030 per annum secured on 10 occupational tenancies, to include The Board of Trustees of the Science Museum, Icetime Limited & Nicetime and Airobounce Ltd • Princes House, with permitted development rights for conversion from offices (B1A) to 16 residential apartments (C3) • Asset management opportunities • Offers Invited in the Region of £1,200,000 (One Million Two Hundred Thousand Pounds) representing a net yield of approximately 10% after an allowance of £250,000 for the development opportunity. Subject to Contract and exclusive of VAT
DEVELOPMENT Princes House, which comprises a 4-storey former office building with basement storage, benefits from permitted development rights, Application No. 18/04346/POR for a change of use from office (B1A) to 16 residential apartments (C3). Plans and further information is available upon request. WARDLEYHOUSE
ACCOMMODATION DESCRIPTION The property comprises a series of retail units, including a café, Zoo Lounge, Unit/Address Floor(s) Use Sq M Sq Ft hairdresser, newsagents etc., together with a large former bingo hall converted to a soft play area occupied by Airobounce Ltd., Bradford Ice Rink occupied Basement, 19 Little Horton by Icetime Ltd & Nicetime and, basement storage for the Board of the Science Ground, Airobounce 3,316.42 35,698 Lane Museum. 1st, 2nd & 3rd Part of the upper floors are former offices known as Prince’s House, which now have permitted development rights to convert into 16 one-bedroom apartments 21-23 Little Ground Airobounce 186.74 2,010 and above this, is an 8-storey student accommodation building, operated by Horton Lane Sanctuary Housing. The property is currently producing a net rental income of £101,727 PA excl, after payment of ground rent.. Unit 1 (3-5 Little Ground Retail/Cafe 89.28 961 Horton Lane)
Unit 2 (7-9 Basement, Bar/Club with Little Horton 368.92 3,971 Ground & 1st Flats over Lane) Unit 3 (11-13 Little Horton Ground Retail 258.83 2,786 Lane)
Unit 4 (15 Little Ground Retail 63.36 682 Horton Lane)
Unit 5 (17 Little Ground Retail 47.25 509 Horton Lane)
Basement Storage/ Basement 1,688.33 18,173 Areas Archives Former Offices Basement to Princes House - consent for 889.92 9,579 4th Floor flats 9-17th Floors Student (inc part base- Accommoda- 6,913.10 74,412 ment) tion
Electricity Substation Ground - - Substation
TOTAL 13,822.09 148,781 TENANCIES TENURE The property is let on a variety of occupational leases, in accordance with the Tenancy Long leasehold. The property is held for a term of 150 years from 22 December Schedule below. The tenants include The Board of Trustees of the Science Museum, Icetime 2000 (131 years unexpired), from the City of Bradford Metropolitan District Ltd. & Nicetime, Airobounce Ltd., Ceros (Bradford) Ltd. – sub-let to Sanctuary Housing etc. Council. The head rent (payable from 24 December 2015, until the end of the lease) is 10% of the underlease rents collected. By agreement with Bradford Council, this is paid in arrears, based on the previous year’s rent. The estimated TENANCY SCHEDULE rent payable for the current year to Bradford Council is £11,303.
Address Tenant Lease Start Term Lease Expiry Break Rent Rent Review
Unit 1 Rezeq Naim & Yousif Abo 01/08/18 6 years 31/07/24 01/08/21 £7,200.00 N/A 3-5 Little Horton Lane Arkoub
Unit 2 Landman Properties Ltd t/a 13/07/66 120 Years 09/07/88 N/A £4,000.00 13/07/50 7-9 Little Horton Lane Zoo Lounge
Unit 3 Ground & Basement Gentleman Groomers 01/08/2019 3 years 31/07/2022 N/A £6,000.00 N/A 11-13 Little Horton Lane
Unit 3 First Floor City Park Facilities 01/08/2019 2 years 31/07/2021 N/A £4,000.00 N/A 11-13 Little Horton Lane Management Ltd
Unit 4 Mr A Hussain t/a Sky Newsa- 30/09/14 10 years 29/09/24 N/A £6,000.00 15 Little Horton Lane gents
Unit 5 Mr Meran Ali t/a Leonardo’s 10/08/18 3 Years 09/08/21 N/A £7,200.00 17 Little Horton Lane Hairdressers
Year 3 Increase to 19 Little Horton Lane (Part) Airobounce Ltd 04/09/18 6 Years 03/09/24 04/09/23 £35,000.00 £42,500 Year 5 Increase & 21/23 Little Horton Lane to £45,000
Year 5 Increase to 19 Little Horton Lane (Part) Ice Time Ltd & Nice Time 24/05/18 10 Years 23/05/28 N/A 32,500.00 £35,500
The Board of Trustees of the Basement 01/09/66 99 Years 31/08/65 N/A £11,000.00 N/A Science Museum
Princess House Vacant - Planning Permission N/A N/A N/A N/A N/A N/A 9,362 sq ft for 16 x 1 bed appt’s
9th-17th Floors Ceros (Bradford) Ltd 149 Years 11 22/12/00 18/12/21-50 N/A £0.00 N/A (incl part basement) (Sublet to Sanctuary Housing) Months 27 Days
Substation Yorkshire Electrictiy Group 18/05/67 60 Years 17/05/27 N/A £130.00 N/A
TOTAL £113,030.00 ODEON EVENTS BROADWAY VENUE SHOPPING CENTRE St GEORGE’S HALL PROVIDENT FINANCIAL HEAD OFFICE WARDLEYHOUSE KIRKGATE CITY HALL SHOPPING CENTRE LOCATION SCIENCE & MEDIA ALHAMBRA CITY PARK MUSEUM THEATRE The property occupies a prominent and central position, being located at the junction of the A6181 Princes Way and A647 Little Horton Lane, in the southern section of Bradford City Centre. It is immediately adjacent to th4e Science & Media Museum, with IMAX picture house adjacent and, Bradford Central Library. Nearby is the recently reconstructed Centenary Square, with mirror pool and restaurants which include JD Wetherspoon Plc, Nando’s, Starbucks etc.
The property is within an established leisure and restaurant area of the city, being close to the4 Alhambra Theatre, and only a couple of hundred yards away from the Odeon cinema redevelopment by Bradford Live. Other occupiers nearby include Omar Khan’s Restaurant, Royal Kashmiri Restaurant, My Lahore, Dunkers Delight etc. The property benefits from a substantial public surface car park immediate to then rear and, is only several hundred yards to the east of both the University of Bradford and Bradford College BRADFORD The City of Bradford has a local authority population in the order of 530,000. It forms part of the West Yorkshire conurbation and is the fourth largest urban area in the United Kingdom. Bradford is situated approximately 200 miles north of London, 9 miles west of Leeds and 38 miles east of Manchester. The City benefits from its own motorway spur (M606) which provides excellent vehicular links to the M62 and the larger motorway network. Leeds Bradford Airport is approximately 8 miles to the north and direct trains run from Bradford Interchange to London on a regular daily basis.
PRICE Offers are invited in the region of £1,200,000 (One Million Two Hundred Thousand Pounds) Subject to Contract for the long leasehold interest subject to the occupational tenancy and other agreements. Subject to Contract and exclusive of VAT. A purchase at this price reflects an attractive net initial yield of approximately 10% after usual purchasers’ costs and an allowance of £250,000 for the residential development opportunity at Prince’s House.
VAT VIEWING & FURTHER All rents, prices etc. quoted are subject to VAT. We antici- pate, dependent upon the VAT status of the purchaser, that INFORMATION the property could be transferred as a going concern
EPC The Energy Performance Ratings for the properties are:- Princes House C - 70 Zoo Lounge D-99 Basement 1 G – 240 Mecca Social Club C – 52 Unit 3 The Wardley Centre Ltd. C – 65 17 Little Horton Lane D – 88 Basement X2 G - 1047 WARDLEYHOUSE Mark Brearley [email protected]
MISREPRESENTATION ACT 1969 Mark Brearley & Co give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without an responsibility and any intending Purchasers, or Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Mark Brearley & Co has any authority to make any representation or warranty whatever in relation to this property. Sept 2019 Designed & Produced by conemarketing.co.uk