FOR SALE PROMINENT MIXED-USE INVESTMENT OPPORTUNITY Investment Summary • Modern high-quality mixed-use investment opportunity; • Freehold; • Prominent location in an affluent sought-after South-East suburb; • Fully let with c.100% occupancy record; • Asset management opportunities; • Increase rents via outstanding rent reviews and renewals; • Currently producing £94,520 pax; • Offers in excess of £1.2m subject to contract and exclusive of VAT, which reflects an attractive Net Initial Yield of 7.44% (allowing for standard purchase costs of 5.93%).

Location LEEDS A1 (M) MANCHESTER

Oulton is located approximately 6 miles south-east of Leeds City Centre M1

M621 and 6 miles to the north of at the convergence of the A639

and A642 main arterial routes. These in turn provide direct access to 7

44 Junction 30 of the M62 which connects with the M1 at Junction 29.

A Due to its connectivity to Leeds, Manchester and outlying towns, Oulton 43

and the adjacent village of Woodlesford are affluent commuter areas. Rothwell

SUBJECT PROPERTY

Oulton

Woodlesford Rail Station is located approximately ½ mile to the north-

east, connecting the villages with Leeds, and via the

Robin Hood

Northern Line and connections to the national rail network.

Carlton Methley

The renowned Oulton Hall Hotel, Spa and Golf resort is located WAKEFIELD BARNSLEY approximately ½ mile to the South-East of the subject property.

Lofthouse HULL A19 M62 A6086 A58 44 A64 A6120 A650 A1(M)

A6110 47 A6177 LEEDS M1 M65 8 A629 1 7 44 M606 M621 42 A63 43 A56 OULTON A640 26 27 A646 29 42 1 M62 32 25 40 33 34 M62 A58 WAKEFIELD 24 A638 A19 A1 M62

M66 M1 20 4 A629

A627(M) 18 37 BARNSLEY 17 A663 A628 A635 2 15 21 DONCASTER A56 22 A62 35a 3 11 A628 A616 MANCHESTER 2 35 A638 M62 24 M67 PEAK DISTRICT M18 A1(M) M60 A631 A61 34 3 1 1 A631 33 A630 32 SHEFFIELD A60 A6 31 M56 A57

Situation The property is prominently located fronting the A642 Aberford Road adjacent to a Lidl Supermarket and in close proximity to a wide range of local amenities. The residential elements are ideally located for professionals to gain swift access to surrounding cities via the motorway and rail networks.

Description The property was constructed circa 2008 and comprises a brick built The first floor comprises five modern high-quality apartments two-storey detached mixed-use scheme under a slate-covered (3no two bedroom/2no 1 bedroom). Access is from the rear elevation. pitched roof incorporating intermittent dormers. Each apartment is partially furnished and finished to a modern high specification which includes: To the front elevation the ground floor comprises an unbroken terrace and provides a restaurant and bar premises together with a food takeaway unit. • Open plan dining, kitchen and lounge living space The units are fitted out to each tenant’s specifications with glazed frontages • Hi-spec kitchen units together with integrated appliances and are let in a developer’s shell condition. • Large bedrooms including fitted wardrobes, double beds, drawers, fitted carpets • Modern tiled bathrooms, including w/c, sink and bath with shower over •

Tenancies

The property is 100% let in accordance with the tenancy schedule below: i) Commercial Tenancies ii) Residential Tenancies: The ground floor commercial elements of the property are let on a Each apartment is let on a 12 month Assured Shorthold Tenancy. developer’s shell basis. Each lease is drafted on FRI terms, subject to a Where expired, these have reverted to periodic residential tenancies. service charge and to 5 yearly upward-only rent reviews. Units 2 & 3 have The apartments have a virtually 100% occupancy record. been connected internally by the tenant, under a licence for alteration.

Address Tenant Lease/ Term Area (sq ft) Rent pa Rent Review Comment AST Start (End) Unit 1 DP Realty Limited 27/04/2009 20 yrs 1,225 £20,000 27/04/2019* Tenant only break option at t/a Dominos (26/07/2029) 27/04/2024 15th anniversary, 6 mths notice. Unit 2 M.S Hussain 26/09/2018 18 yrs 8 months & 913 £15,000 15/05/2019* Lease coterminous with lease of Unit 3 & t/a Salto/Zoya (14/05/2029) 19 days 15/05/2024 contracted out of L&T Act 1954. Unit 3 M.S Hussain 15/05/2014 15 yrs 1,178 £18,500 15/05/2019* Contracted out of L&T Act 1954. t/a Salto/Zoya (14/05/2029) 15/05/2024 Area includes rear extension. Extension M.S Hussain 15/10/2018 10 yrs, 6 months & 204 £2,500 15/05/2019* Lease coterminous with lease of Unit 3 & Unit 3 t/a Salto/Zoya (14/05/2029) 27 days 15/05/2024 contracted out of L&T Act 1954. Apartment 1 01/10/2014 12 mths n/a £7,800 2 bed Apartment 2 01/05/2010 12 mths n/a £8,430 2 bed Apartment 3 04/09/2018 12 mths n/a £6,900 1 bed Apartment 4 27/07/2018 12 mths n/a £7,140 1 bed Apartment 5 26/06/2018 12 mths n/a £8,340 2 bed Total 3,520 £94,520 *2019 rent review not triggered (time is not of the essence)

Irrecoverable Costs

Over the last 3 years the irrecoverable maintenance costs in relation to the apartments which are let on ASTs has averaged £3,820. Further details can be made available upon request.

Tenants and Covenants DP Realty Limited (t/a Dominos) M.S Hussain t/a - Zoya & Salto All of Domino’s UK and Ireland leases are acquired in the name of DP Realty Zoya & Salto is a high quality established Asian Restaurant and Bar Limited which is a wholly-owned subsidiary of Domino’s Pizza Group plc and was voted Yorkshire Evening Post Curry House of the year 2017. (“DPG”), a FTSE 250 company. The properties are subsequently sublet to Further information is available at www.zoyaleeds.co.uk franchisees who operate the stores. All landlord contact is via professional Estates team based at the head office in Milton Keynes. Domino’s is the world’s largest Pizza retailer trading from in excess of 15,000 locations globally.

Dun and Bradstreet award a financial strength of 2A1 and a tangible net worth of £3,426,000, indicating a very low risk and very stable condition. The last three years reported accounts are summarised below.

Y/E - 31/12/2017 Y/E - 31/12/2016 Y/E - 31/12/2015 GBP GBP GBP Turnover 25,569,000 22,479,000 18,963,000 Profit (Loss) before Taxation 531,000 2,133,000 687,000 Net Current Assets (Liabilities) (3,047,000) (4,201,000) 3,186,589 Total Equity Shareholder Funds 3,709,000 3,355,000 2,027,000 VAT The property is registered for VAT. It is envisaged that the transaction will be treated as a Transfer of a Going Concern.

EPC

Copies of the Energy Performance Certificates are available on request.

Proposal

We are instructed to seek offers in excess of £1,200,000 (One Million Two Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 7.44% (allowing for standard purchase costs of 5.93%).

Contact Please contact either of the joint agents for further information or to arrange a viewing.

Garry Howes Paul Fox [email protected] [email protected] 0113 200 3989 0113 243 1133

Dan Walker Harry Dunhill [email protected] [email protected] 0113 200 3988 0113 243 1133

IMPORTANT NOTICE RELATING TO THE MISREPRESENTATION ACT 1967 Gent Visick and Fox Lloyd Jones on their behalf and for the sellers or lessors of this property whose agents they are, give notice that: (i) The Particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants 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; (iii) No person employed by Gent Visick and Fox Lloyd Jones has any authority to make or give any representation or warranty in relation to this property. Unless otherwise stated prices and rents quoted are exclusive of VAT. The date of this publication is June 2019.

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