Verified listing
Fully refurbished, single-let HQ office investment
Fully refurbished, single-let HQ office investment
Fully refurbished, single-let HQ office investment
Fully refurbished, single-let HQ office investment
Fully refurbished, single-let HQ office investment
Fully refurbished, single-let HQ office investment
Fully refurbished, single-let HQ office investment

Fully refurbished, single-let HQ office investment

Leeds, United KingdomUnlock address

89%

£7.160.000

Office

Core

26 Apr 2023

#16598

Property Details

21,433 sq.ft.

1,991 m²

Leasable area

334 £/sq.ft.

3,596 £/m²

7.50 %

Other

3

For sale

Broker

X

Fees

0.00 %

0.50 %

0.00 %

0.50 %

Investment Overview

Fully refurbished, single-let HQ office investment with ancillary ground floor leisure uses. 21,433 sq ft in total comprising 16,468 sq ft of Grade A offices and 4,965 sq ft of retail/leisure accommodation. 109 car spaces providing an excellent ratio of 1:196 sq ft. A full refurbishment of the offices, including M&E, completed in Q1 2023. The offices are single let to Dr. Oetker (UK) Limited who occupy the building as their UK HQ. Dr Oetker have recently signed a new 15 year lease at £460,000 p.a. with 5 yearly CPI linked rent reviews (1% - 3% pa compounded). The ground floor is let to Greggs Plc at £27,192 pa and Brio (Colton) Ltd t/a Franco’s at £85,615 pa. Total contracted rent of £572,807 pa. Attractive unexpired lease term of 12.07 years to earliest determination. Longstanding tenant base with all three occupiers having been in occupation for more than 10 years. 85% of the income is secured against D&B 5A1/5A2 rated covenants, providing strong security of income. 1.56 acre site with a very low site cover of c.15% Virtual freehold (999 years from January 2000 at an annual ground rent of £10.00).