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23 BUTTS COURT LEEDS LS1 6AG FREEHOLD CITY CENTRE OFFICE OPPORTUNITY Town Hall the Light St

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23 BUTTS COURT LEEDS LS1 6AG FREEHOLD CITY CENTRE OFFICE OPPORTUNITY Town Hall the Light St 23 BUTTS COURT LEEDS LS1 6AG FREEHOLD CITY CENTRE OFFICE OPPORTUNITY Town Hall The Light St. Johns Centre 23 Butts Court The Core Park Row Victoria Quarter Albion Street Commercial Street Briggate City Square Trinity Leeds Corn Exchange Leeds Railway Station 23 Butts Court, Leeds LS1 6AG Butts Court Frontage Albion Street Frontage INVESTMENT SUMMARY • An attractive and modern office opportunity in the heart of Central Leeds • Let to Leeds Building Society (5A1) • Open plan office accommodation, refurbished to a high standard in 2013, • Freehold providing 10,344 sq ft (961 sq m) over three floors • Currently producing a rent of £177,951 per annum reflecting £16.66 per sq ft • Four secure car parking spaces, 13 person passenger lift and suspended • Asset management opportunities through future re-letting, conversion to ceilings with LG7 Compliant lighting residential or hotel use (subject to necessary planning consents) • Self-contained access from Butts Court with an additional entrance from • Offers are invited in excess of £1,860,000 subject to contract and exclusive Albion Street of VAT. This reflects a Net Initial Yield of 9.00% and a low capital value of £179 per sq ft taking into consideration standard purchaser’s costs of 6.24% 23 Butts Court, Leeds LS1 6AG Arena A1M Arena A1M y Pit Lane y Pit Lane Cla Cla LOCATION Yorkshire Dales INNER RING ROAD b A64(M) eet P Merrion W A64(M) eet P W Merrion W tr N W tr oodhouse Lane Harrogate York oodhouse Lane a Leeds, the country’s second largest legal and financial centre, is Yorkshire’s ay North S principal financial centre benefiting from a catchment population of North S Merrion Centre some 1.3 million people. The City has one of the most diverse economies Merrion Centre of any UK employment centre and is the UK’s fastest growing city with Bradford P the second largest employment total outside of London. The value of the M65 P M65 P Leeds A62 Merrion S City’s economy is estimated at around £13.6 billion which is projected to A62 Merrion Str treet grow by at third in the next 10 years. 35 43 St John’s P M62 SCt entJohnre’s P M62 Wakefield P Centre The Light The City is also the main regional headquarters for government The Light The Headr departments and utility providers. The Department of Health, NHS M1 M18 The Headrow M1 ow P Direct, Highways Agency and Child Maintenance and Enforcement Manchester Doncaster 3 e Eas t The e Eastga Commission all have substantial facilities within Leeds. In addition, with eet t The t tga e eet Core w te tr Core w 1 o tr Victoria Gate two universities and one of Europe’s largest teaching hospitals, the city Sheffield o Victoria Gate R R Victoria k QuarVictoriater P P Brigga r has one of the largest skilled labour markets. Organisations employing k Lands Lane Quarter P P Brigga r Lands Lane 31 a a P P P Albion Place ge Street P over 1,000 people include British Telecom, Direct Line, Leeds City Council, Albion S Albion Place George Street Albion S Geor Stockport icar Lane icar Lane V Leeds Building Society and ASDA. Over the last 20 years more jobs 21 Commercial S V Peak Commercial Street Bus & have been created in Leeds than in any other UK city outside London Bus & District NP Coach SCtoachation and over the next 10 years Leeds is expected to generate 25% of the Station Trinity Leeds Kirk P Trinity Leeds Kirk P employment growth for the Yorkshire and Humberside region. In terms M1 A1 ga M6 gate of wealth creation, Leeds is the driving force within the regional economy. M6 te P Total Gross Domestic Product (GDP) stands at over £12.8 billion per P 26 P annum, and is projected to grow by around 34% over the next ten years, P P compared with a UK average of 23%. The city has one of the most diverse economies in the UK. The Calls The Calls Leeds is located approximately 40 miles (64 km) north east of Manchester, 15 Stoke-on-Trent Derby Nottingham Leeds Station some 190 miles (306 km) north of London and is strategically located to connect into the national motorway network. The City lies 7 miles (11 km) north of the intersection of the M1 (Junction 42) and M62 (Junction 29) SITUATION motorways. The M1 is directly accessed from the city centre by the M621 which in turn link with the A1(M). The property is situated within the heart of the prime commercial area in Leeds City Centre with an excellent mix of office and retail occupiers Leeds City railway station is one of the UK’s busiest railway stations in the vicinity. The main entrance to the property is situated on Butts outside of Central London with over 100,000 passengers using it each Court, a quiet no-through road which enjoys very little vehicular traffic. day. Services to London Kings Cross run every 30 minutes with a fastest The rear of the property is on the western side of Albion Street, a busy journey time of approximately two hours. It also benefits from direct thoroughfare providing access between The Headrow to the prime services to Manchester, Liverpool, York and Newcastle. shopping area of Commercial Street and the new Trinity Leeds Shopping Centre. Occupiers within the immediate area include a 300 space NCP Leeds Bradford International Airport is situated 8 miles (13 km) north- car park, Waterstones, Specsavers, Currys PC World and Barclays. west of the City Centre and is serviced by a dedicated coach link. It provides daily flights to major UK and European destinations including Spain, Italy, France and Germany. 23 Butts Court, Leeds LS1 6AG DESCRIPTION ALBION STREET The property is formed of two adjoining and prominent period buildings with separate ground floor retail accommodation and open plan office set over first, second and third floors. The main entrance to the property is via Butts Court with a ground floor reception area and a rare secure garage providing four tandem car parking spaces through two separate roller shutter doors. The property was substantially refurbished in 2013 and now provides modern, open plan office accommodation with the following specification; • Open plan, efficient floor plates • 13 person passenger lift • Suspended ceilings with recessed LG7 compliant lighting • 4 secure on-site car parking spaces accessed via two roller shutter doors • Comfort Cooling system • Male, Female and Disabled toilet facilities on each floor ACCOMMODATION We have been provided with floor areas which we understand have been measured in accordance with the RICS Code of Measuring Practice (6th Edition) on a net internal basis, as follows: Floor Use Sq M Sq Ft Ground Reception First Office 326.62 3,515 Second Office 339.30 3,652 St. Meeting Room Male WC Female WC Male WC Female WC Meeting Room Escape Stair IT Room Third Office 293.00 3,154 Lift Lift Total 958.92 10,321 Cloaks Tea Making Cloaks Tea Making Meeting Room Office Open Plan Office TENURE Open Plan Office REV. DATE AMENDMENT REV. DATE AMENDMENT Meeting Room Meeting Room The property is held Freehold. WPL WPL WPL Consulting LLP WPL Consulting LLP 1 Airport West Lancaster Way Leeds LS19 7ZA 1 Airport West Lancaster Way Leeds LS19 7ZA Tel: 0113 202 9444 Fax: 0113 202 9333 Tel: 0113 202 9444 Fax: 0113 202 9333 E-mail: [email protected] Floor Plan E-mail: [email protected] PROJECT TITLE PROJECT TITLE First Floor Plan Office Premises Office Premises First floor Third23 Butts Court floor 23 Butts Court Leeds, LS1 5JS Leeds, LS1 5JS for for Albion Assets and Albion Assets No.2 Ltd Albion Assets and Albion Assets No.2 Ltd DRAWING TITLE DRAWING TITLE Existing First Floor Plan Existing Third Floor Plan PROJECT No: DRAWING No: REVISION: PROJECT No: DRAWING No: REVISION: 8775 100 8775 102 SCALE: DATE: DRAWN BY: SCALE: DATE: DRAWN BY: 1:50@A1 01.06.18 ISB 1:50@A1 01.06.18 ISB CHECKED BY: DATE: CHECKED BY: DATE: 23 Butts Court, Leeds LS1 6AG TENANCY LEEDS OFFICE MARKET The property is let on full repairing and insuring terms to Leeds Building Rents continue to rise with £30 per sq.ft. headline rent set on the letting to Burberry at 6 Queen Street. Lettings at Platform, Bruntwood’s Society for a term of 5 years from 31st March 2019 subject to a tenant comprehensive refurbishment above the train station, regularly achieve only break option on 31st March 2022 (on 6 months’ notice) at a rent of in excess of £30 psf with a deal currently in legals at a headline rent £177,951 per annum. at £34 psf. Over the last 12 months, 68% of deals by floor area were concluded at rents reflecting £25 psf or more. The tenant has occupied the office accommodation since 2013. Merton House, directly opposite the subject property has achieved rents of £18 per sq.ft. on floors of almost identical size and specification. TENANT COVENANT Conversion of secondary office stock to residential under Permitted Development rights continues to squeeze supply of stock, placing Leeds Building Society upward pressure on rents. With this in mind, we consider the passing rent based upon £16.66 per sq.ft. plus £1,500 per car parking space, to Formally established in 1875, Leeds Building Society is currently the 5th be reversionary. largest building society in the UK. It trades as a mutual society and is therefore not required to be registered under the Companies Act.
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