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Eastbrook Hall, Leeds Road, Bradford, BD1 5AE

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Eastbrook Hall, Leeds Road, Bradford, BD1 5AE Freehold Mixed-Use Investment Opportunity Eastbrook Hall, Leeds Road, Bradford, BD1 5AE Centrally Located Landmark Mixed-Use Investment Opportunity Comprising 71 flats (13 sold) and three ground floor commercial units (1 sold) Bradford Forster Square Train Station Bradford City F.C – Valley Parade The Broadway (Westfield) Shopping Centre Little Germany Premier Inn Eastbrook Hall (The subject) Investment Considerations . Freehold . Current Total Income £444,199 per annum (inclusive of car parking, ground rent and commercial . Landmark Mixed Use Investment Opportunity income), reflecting a blended gross yield of 8.38% located in Bradford City Centre . Income of £481,399 per annum when fully let, . 71 self-contained flats (13 sold subject to Long reflecting a blended gross yield of 9.08% Leasehold interests), 56 secure car parking spaces . Offers are invited in excess of £5,300,000, subject to and three commercial units (1 sold) existing tenancies, leases and subject to contract Location Eastbrook Hall is located in the city centre of Bradford, West Yorkshire. Bradford, located in the north of England is approximately 16 km (10 miles) to the west of Leeds, 53 km (33 miles) to the west of York and 64 km (40 miles) to the north- east of Manchester. The city has a population of some 529,900 (2018 estimate, ONS). Bradford is well connected via road, rail and air. Access to the M62 motorway, via the M606 is approximately 8 km (5 miles) to the south of Bradford and provides good links to Leeds, Manchester and the M1 Motorway. There are two main stations in the city; Bradford Interchange and Bradford Foster Square. Regular direct trains are available to Manchester (1 hour) and Leeds (20 minutes). Leeds Bradford Airport is approximately 12 km (8 miles) to the north east of the city. Bradford has recently benefitted from significant city centre regeneration and has become a tourist destination with attractions such as the National Science & Media Museum and the Alhambra Theatre. Bradford Borough Council has recently launched a new strategic plan to drive further growth within the local economy, particularly through investment in the city centre via shopping and leisure facilities. Situation Eastbrook Hall occupies a prominent position on the corner of Leeds Road and Chapel Street in an area known as Little Germany. This area has particular historical and architectural interest and is known for its neoclassical style with an Italian influence. Little Germany is a Conservation Area. Leeds Road provides good links to both the Bradford and Leeds ring roads, within 2.4 km (1.5 miles) and 4.8 km (3 miles) respectively. The Westfield retail complex Broadway Bradford is also located on Leeds Road, within a 5 minute walk of the property. Eastbrook Hall is equidistant from the city’s two Train Stations and is approximately 0.8 km (0.5 mile) from each. There is an abundance of local shops and amenities available within short reach, including the more extensive facilities of the Broadway centre. Tenure Tenancies / Rent Reserved Freehold. No. of No. of Current Unit Terms ERV (fully let) units units let income (pa) Description Commercial unit 1 1 1 Long Leasehold Peppercorn n/a Eastbrook Hall is former Church entirely rebuilt in 2008 behind Commercial the original Grade II Listed façade. The building, which was Commercial unit 2 1 1 £9,999.96 £9,999.96 re-opened in September 2008 by HRH Prince of Wales, now lease provides 71 self-contained flats and three ground floor Commercial Commercial unit 3 1 1 £45,600 £45,600 commercial units. The main building is U-shaped around a lease central courtyard, which includes a brick built detached Residential flats 58 54 AST's £370,140 £402,300 block. The street frontages of the building comprise stone (unsold) built facades. Car parking spaces 56 44 Licenses £11,760 £16,800 The property is split into 6 blocks, or ‘cores’, labelled A-F. With the exception of block F, each block benefits from a lift. Residential flats (sold) 13 13 Long Leasehold £1,950 £1,950 For a full breakdown of flats please refer to the master schedule in the data room. 13 flats are sold subject to long Insurance commission n/a n/a n/a £4,750 £4,750 leases. The remaining 58 flats provide the following accommodation: £444,199.96 £481,399 4 x studio | 20 x one bed |31 x two bed |3 x three bed Commercial unit 2 is currently let to a bridal store for a term of six years from 08 The studio flats range in size from 320 sqft to 507sqft, one bed November 2019. Commercial unit 3 is currently let to the NSPCC for a term of flats vary between 360sqft and 530sqft, whilst the two bed 10 years from 8th July 2011. flats vary between 590sqft and 875sqft. The three bed flats are 703, 946 and 1,025 sqft respectively. Currently, 54 (of 58 unsold) flats are let subject to Assured Shorthold Tenancies producing a total gross rental income of £370,140 per annum. The property is of traditional construction and, in the most part, benefits from timber framed double glazed windows. If fully let, we are of the opinion the residential Estimated Rental Value would We understand all flats have the benefit of electric storage be £402,300 per annum. heaters and water storage units. Including the commercial, ground rent and car parking income, the total ERV There are three commercial units at the property, all facing equates to £481,399 per annum. onto Leeds Road. For the past three years the Freeholder has received an insurance commission of £4,750 per annum. This has been included in the above ERV figures. Economy / Demographics Bradford has an economy worth over £9.5bn, the eighth largest in England and third largest in Yorkshire, behind Leeds and Sheffield. According to Bradford City Council there are almost 18,000 businesses in the city district, employing some 200,000 people. Major employers that have their headquarters in Bradford include Morrisons, Provident Financial, Yorkshire Building Society and Hallmark Cards. Bradford based companies employ over 250,000 people across the UK with a combined turnover of more than £30 billion (Bradford City Council). Bradford has the 4th highest number of manufacturing jobs, behind London, Birmingham and Leeds, whilst it also boasts a thriving digital sector with approximately 700 business employing 4,500 people. The city centre remains the key location for employment in Bradford, particularly office based. Bradford’s city centre is a top UK retail centre. The development of The Broadway shopping centre has brought a whole new dimension to the city, accelerating the city’s retail ranking by 29 places and drawing in millions more shoppers to the city centre. Additional Information Eastbrook Hall, Additional information can be found via the following data room: Leeds Road, https://datarooms.allsop.co.uk/register/Eastbrookhall Bradford Method of Sale The subject is for sale by way of Private Treaty; however we reserve the right to conclude the marketing by an Informal Tender process. Contacts For further information, please contact: Viewing Information The subject will be subject to block viewing arrangements and will not be available for viewing James Wilson internally outside of these times. +44(0)7825 205489 [email protected] Please contact the office to register your interest. Jack Robson Energy Performance Certificates +44 (0)7899 895262 EPC’s can be viewed / downloaded on the data [email protected] room. Asking Price Offers are invited in excess of £5,300,000 for the Freehold interest subject to existing tenancies and leases, subject to contract. Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective allsop.co.uk purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP..
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