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Centre 27, Bankwood Way Birstall, Leeds WF17 9TB

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Centre 27, Bankwood Way Birstall, Leeds WF17 9TB Multi-Let Business Park Investment Centre 27, Bankwood Way Birstall, Leeds WF17 9TB Multi-let business park investment Strategic location at junction of M62 & M621 Motorways Recent letting activity proving occupational demand £3,000,000, subject to contract 11.0% Net Initial Yield £80 per sq ft Capital Value www.singerviellesales.com Location Description Leeds is the United Kingdom’s fastest growing city and is the second The property comprises eight detached two and three storey self- largest metropolitan district in England with a population of over 750,000. contained office buildings constructed in the 1990’s and set within a Leeds is located approximately 56 km (35 miles) north of Sheffield, 71 secure landscaped environment with on-site allocated parking for each km (44 miles) north east of Manchester and 312 km (194 miles) north of property. There is a further unit (Unit 1) which has been sold-off on a long London. lease. The City enjoys good road communications with direct links to the M1, The accommodation benefits from the following specification; M62 and A1 (M) motorways. The trans-Pennine M62 provides motorway access to the Humber ports in the east and Manchester and Liverpool - Suspended ceilings conurbations in the west whilst the City’s location next to the M1 and A1 (M) motorways gives direct access north and south. The A1 Trunk - Perimeter trunking Road which connects London with Edinburgh is approximately 16 km (10 miles) to the east. - Category II lighting The East Coast Mainline offers connections to London Kings Cross in - Raised access floors in part approximately 2 hours 20 minutes and Leeds Bradford International Airport is located within a 30 minute drive serving 3 million passengers - Carpeting throughout every year and travelling to more than 70 destinations. - Male & Female WC’s Leeds is the principal city of the Yorkshire and Humber region which has a population of around 5 million. The city is currently benefiting from - Disabled WC facilities substantial inward investment including the recently opened Trinity retail scheme and the soon to be completed Leeds Arena. - Gas fired central heating systems - Part air-conditioned (installed by tenants) Situation Please note the Inspection of Structure reports with regards to units 6 and 7 which are held within the data room. Centre 27 is strategically located at the intersection of the M62 and M621 Motorways in the Birstall area of Leeds, approximately 9 km (6 miles) south west of the city centre. Access to Centre 27 is via Gelderd Road Accommodation (A62) which links directly with Junction 27 of the M62 Motorway. Junction 29 provides access to the M1 Motorway to the east and the M621 The property has been measured by BKR Floor Plans and provides the enables fast access to Leeds City Centre. Leeds Bradford International following accommodation: Airport is 19 km (12 miles) to the north. There are numerous bus routes to and from Leeds City Centre along the A62 Gelderd Road and Batley Unit Sq M Sq Ft train station is approximately 5 km (3 miles) to the south, providing regular Unit 2 840.84 sq m 9,051 sq ft rail services to the City Centre. Unit 3 203.54 sq m 2,191 sq ft The property benefits from being adjacent to the Birstall Shopping Park, Unit 4 204.38 sq m 2,200 sq ft Junction 27 Retail Park and Spring Ram Retail Park. Together, these Unit 5 204.01 sq m 2,196 sq ft form the dominant retail cluster serving the West Yorkshire conurbation and beyond and ranked by CACI as the number one retail warehousing Unit 6 205.96 sq m 2,217 sq ft cluster in the UK with a total expenditure of £240m (Source: Completely Unit 7 401.24 sq m 4,319 sq ft Retail). Unit 8 840.65 sq m 9,049 sq ft Unit 9 578.21 sq m 6,224 sq ft The Birstall Shopping Park comprises 15,200 sq m (163,613 sq ft) and hosts a wide variety of retailers including Marks & Spencer, Next, Toys Total NIA 3,478.83 sq m 37,447 sq ft R Us, Boots, River Island, Gap and WH Smith. The adjoining Junction 27 Retail Park comprises 11,755 sq m (126,526 sq ft) of A1 bulky goods Please refer to the attached Tenancy Schedule for a breakdown of the consent with occupiers including Currys PC World, ScS, Furniture individual floor areas per unit. A Schedule of Accommodation is also Village, Harveys, Sofaworks, Pizza Express and TGI Fridays. Occupiers available to download as well as a set of floor plans. on the Spring Ram Retail Park include Pets at Home and Home Sense. Additional amenities include a Showcase Cinema, DW Fitness Club and The estate benefits from approximately 195 car parking spaces, providing the region’s only IKEA store. a ratio of 1:18 sq m (1:192 sq ft). Rateable Value Service Charge Accommodation Rateable Value The service charge budget for the year ending 31st March 2015 is Unit 2 (Ground Floor) £45,000 £132,261.00. The service charge for the year ending 31st March 2014 was £147,915.00. Please refer to the full service charge information which Unit 2 (First Floor) £46,250 is available to download in the Data Room. Unit 2 (Second Floor) £46,750 Unit 3 £33,000 Unit 4 £32,250 Recent Letting History and Unit 5 £32,250 Unit 6 (Ground Floor) £15,250 Rental Value Unit 6 (First Floor) £17,250 Unit 7 (Ground Floor) £33,000 As proof of the strong demand for the property, please note the recent lettings as shown in the Tenancy Schedule: Unit 7 (First Floor) £33,500 Unit 8 (Part Ground Floor) £24,500 Ÿ June 2014 – Unit 6 (Ground Floor) which is unrefurbished was let for Unit 8 (Part Ground & Part £46,000 a term of 5 years with a tenant’s break option at year 3 at an initial First Floor) rent of £5.05 per sq ft with fixed increases thereafter resulting in an Unit 8 (Part First Floor) £19,250 average rent of £7.58 per sq ft over the first 3 years of the lease. Ÿ March 2014 - Unit 2 (Ground Floor) was let for a term of 5 years with Unit 8 (Second Floor) £44,750 a tenant’s break option at year 3 at £7.52 per sq ft with 3 months’ Unit 9 £85,500 rent free and 3 months at half rent. Ÿ November 2013 – Unit 6 (First Floor) which is unrefurbished was let The Uniform Business Rate is 47.1 pence per pound for 2014/2015. for a term of 10 years with a tenant’s break option at year 5 at an initial rent of £3.75 per sq ft, rising to £7.47 per sq ft in March 2016, resulting in an average rent of £5.75 per sq ft. Ÿ October 2013 – Unit 8 (Part Ground Floor) was let for a term of 5 Site years with a tenant’s break option at year 3 at a rent of £7.56 per sq ft. We estimate the site area to be approximately 1.76 hectares (4.35 acres). Centre 27 has an Estimated Rental Value of £7.50 per sq ft, as evidenced by the recent lettings. This is a significant discount to prime rents in Leeds. Headline rents for Grade A space in Leeds City Centre are currently Tenure £25.00 per sq ft. Prime out of town office rents are currently in the order of £15.00-£16.00 per sq ft. Therefore, we believe the subject property Freehold offers good prospects for future rental growth. Tenancies Capital Value The property is currently multi-let to 12 tenants in accordance with the Unit 1 was sold to GMV Property Management Limited on a 999 year attached tenancy schedule, producing a current income of £349,479 per lease in April 2013. The unit, which was un-refurbished and totals 406 sq annum. m (4,370 sq ft), was sold at a figure of £304,850 equating to £751 per sq m (£70.00 per sq ft). The true net income after deducting shortfalls from the few vacant units is £277,394 per annum, rising to a guaranteed figure of £288,394 per annum in September 2014. Covenants Please click here to see full covenant information Investment Considerations Value Added Tax The property has been elected for VAT. It is anticipated that the sale of this property will be treated as a Transfer of a Going Concern (TOGC). Proposal We are instructed to seek offers in the region of £3,000,000 (Three Million Pounds), subject to contract, reflecting a net initial yield of 11.0% and a capital value of £862 per sq m / £80 per sq ft. The true net initial yield, running yield and estimated reversionary yield after shortfalls are as follows: Gross Passing Income £349,479 £3,000,000 Net Income After Shortfalls £277,394 8.77% Unit 2 increase 29/09/14 to £288,394 9.08% £22,000 from £11,000 Contact Unit 6 Ground Floor increase 13/06/15 from £290,957 9.16% £5,125 to £7,688 Singer Vielle 94-96 Wigmore Street [email protected] Unit 6 Ground Floor London W1U 3RF increase 13/06/16 from £293,519 9.24% £7,688 to £10,250 Tel: 020 7935 7200 [email protected] Unit 8 increase 19/07/14 to Fax: 020 7486 8511 £296,319 9.33% www.singerviellesales.com [email protected] £11,800 from £9,000 Unit 6 increase 13/03/16 to £300,838 9.47% Vendors Solicitor £9,037 from £4,518 Capital Value £80 Eversheds Bridgewater Place [email protected] Water Lane On ERV at £7.50 £280,853 8.85% Leeds LS11 5DR T : 0113 200 4048 Subject to contract and exclusive of VAT Misrepresentation Act 1967 Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that: 1.
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