Embed Size (px)
Citation preview
Realtex House, Leeds Road, Rawdon, Leeds, LS19 6AX
RETAIL AND OFFICE INVESTMENTFOR SALE
Investment Summary►
►
►
►
►
►
►
Retail and office parade located in the affluent Leeds
suburb of Rawdon.
7 retail units and 9 office suites with a total net internal area
of 9,559 sq ft.
Total site area of approximately 0.17ha (0.42 acres)
providing 22 car parking spaces.
Potential residential conversion opportunity.
The total current income is £97,430 pax with potential to
increase to £114,420 pax upon the letting of the vacant
offices.
Offers are invited in excess of £1,000,000 plus vat for the
benefit of the freehold interest.
9.21% NIY potentially rising to 10.82% once the vacant parts
are let (assuming purchasers costs at 5.75%).
Location
The Leeds suburb of Rawdon is located approximately 7 miles
to the north west of Leeds City centre and 5 miles to the north
of Bradford. It is situated between the popular areas of
Horsforth and Guiseley. The 2011 census estimated the
Guiseley and Rawdon ward population at 22,347.
Just over a mile to the north of Rawdon is Leeds/Bradford
International Airport which carries in excess of 3.4 million
passengers a year.
Situation
The property is located at the junction of the main A65 Leeds Road and the B6152 which
provides direct access to the airport. To the rear of the property is the Rawdon Golf and
Tennis Club and next to this are the offices of EMIS Health Services.
There are a number of strong commercial occupiers and a variety of shops and restaurants
nearby. These include JCT 600 Car Dealerships, Sainsburys Local, Airedale International,
Premier Inn, Morrisons etc.
The original half of the building was the former home of the
Rawdon Industrial Co-operative Society and was constructed in
1907. A modern two storey extension was added in the 1980’s
which included a dedicated entrance to the upper floor offices.
On the ground floor of the building there are 7 retail units, 6
fronting onto Leeds Road and one Micklefield Lane with a total
retail floor area of some 5,123 sq ft. The first floor of the building is
separated into two by a common office entrance. To the right
hand side, within the original building, there are 6 individual
suites at first floor and one at ground floor which benefits from its
own entrance at the side of the property.
To the left side of the first floor are two larger office suites one of
which is currently vacant. The total approximate area of the
office space is 4,436 sq ft.
The property is situated on a site of approximately 0.42 acres
with the rear car park providing around 22 car parking spaces.
Description
Development Potential
We consider that the property has potential for further
development and in particular the opportunity to convert
areas of the first floor accommodation to residential. With a
relatively low site coverage there may be further potential
for development/extension to the rear.
ERV
At the present time there are 3 vacant office suites. The
general rental tone for office lettings within the building is
around £10 psf. It is our opinion therefore that the current
ERV for the vacant accommodation is in the order of
£16,990 based upon this rate.
Retail
Address Tenant Lease Start Term Tenant Breaks Next Review/Expiry Floor Area Sq m Area Sq Ft Rent pax RV Comments EPC
Unit 1
Unit 2/3
Unit 4
Unit 5
Unit 6
Unit 8
Unit 6 (Rear)
Total Retail
10/06/2016
16/03/2012
01/04/2016
27/02/2012
29/04/2013
02/12/2014
09/03/2015
6 years
5 years
10 years
6 years
4 years
10 years
5 years
10/06/201810/06/2020
Annual on 16 March
01/04/201901/04/2022
None
None
02/12/201702/12/2020
09/03/2017
RR 10/06/2019EX 09/06/2022
EX 15/03/2017
RR 01/04/2021EX 31/03/2026
RR 16/02/2018Ex 26/02/2018
Ex 28/04/2017
RR 02/12/2019EX 01/12/2024
Ex 08/03/2020
Ground Floor
Ground Floor
Ground Floor
Ground Floor
Ground Floor
Ground Floor
Ground First
53.24
70.96
126.62
66.33
60.16
62.10
20.6615.81
573
764
1,363
714
648
668
223170
£9,000
£8,750
£14,500
£10,400
£9,170
£9,750
£5,200
£66,770
£7,600
£12,250
£15,750
£9,300
£9,000
£9,900
£5,100
Service Charge capped at £3,000 pa.
Service Charge capped at £450 pa plus annual RPI increase.
Service Charge capped at £600 pa plus annual RPI increase
D 87
C 62
C 60
C 65
D 83
C73
E111
Select Uniforms
Caswood Ltd
Bespoke Design Bathrooms Ltd
David Allinson
Jamie Bell Physiotherapy
AKA Interiors Ltd
Stacey Laura Bradley
Tenancy & Accommodation Schedule
O�ce
Address Tenant Lease Start Term Tenant Breaks Next Review/Expiry Floor Area Sq m Area Sq Ft Rent pax RV Comments EPC
GF Suite 1
Room 2
Room 3
Room 4
Room 5
Room 6
Room 7
Suite 1a
Suite 1B
Advert Board
Total Offices
Grand Total
25/03/2013
19/03/2007
01/01/2007
25/12/2011
01/12/2015
21/04/2016
25/12/2010
6 years
3 years
3 years
1 years
4 years
3 years
2 years
None
None
None
None
01/12/2017
None
None
RR 15/03/2019Ex 24/03/2019
Ex 19/03/2010Holding over
Ex 01/01/2010Holding over
Ex 24/12/2012Holding over
Ex 30/11/2019
Ex 20/04/2019
Ex 25/12/2012Holding over
Ground Floor
First Floor
First Floor
First Floor
First Floor
First Floor
First Floor
First Floor
First Floor
20.90
37.57
33.58
34.16
31.81
36.60
51.00
97.29
69.34
225
404
361
368
342
394
549
1,047
746
£3,900
£4,160
£3,600
£3,000
£4,250
£10,250
£1,500
£30,660
£97,430
£3,000
£3,900
£3,450
£3,500
£3,250
£3,500
£5,300
£10,250
£9,500
£890
Being marketed at £4,500 pax.
Service Charge capped at £2,000 pa.
Vacating in December 2016
The rent is inclusive of service charge.
The Landlord has a rolling break clause.
E 115
E 115
E 115
E 115
E 115
E 115
E 115
E 115
E 115
Fyber Ltd
Vacant
Pension & Investment Ptns
Promotional Union Ltd
ABC Promotional Gifts Ltd
Fleuerie Ltd
Vacant
Temporal Lennon & Co Ltd
Vacant
Siteline (Licence)
Tenancy & Accommodation Schedule (Continued)
Being marketed at £9,250 pax.
VATWe understand that the property is elected for VAT.
TenureThe property is freehold.
Other informationOther information including copies of the title, leases and
service charge schedules are available from the agents
upon request.
ProposalWe are instructed to seek offers in excess of £1,000,000 plus
vat for the freehold interest in Realtex House. A purchase
at this level would reflect a net initial yield of 9.21% rising to
10.82% assuming a letting of the vacant office
accommodation at our ERV. The yields assume purchasers
costs of 5.75%.
ContactFor further information, please contact:
Peter HeronTel Direct: 0113 221 6140Email: [email protected]
Jonathan O’ConnorTel Direct: 01274 452021Email: [email protected]
“Subject to Contract” Misrepresentation Act 1967: Messrs Sanderson Weatherall LLP for itself and for the vendor(s) or lessor(s) of this property whose agents they are, give notice
that: 1) These particulars do not constitute any part of an offer or contract; 2) None of the statements contained in these particulars as to the properties are to be relied on as
statements of representations of fact; 3) Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in
these particulars; 4) The vendor(s) or lessor(s) do not make or give and neither Messrs Sanderson Weatherall LLP nor any person in their employment has any authority to make or
give any representation or warranty whatsoever in relation to this property; 5) None of the building’s services or service installations (whether these be the specific responsibility of
the freeholder, lessor or lessee) have been tested and are not warranted to be in working order. Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive
of VAT. Consumer Protection from Unfair Trading Regulations 2008 and Business Protection from Misleading Marketing Regulations 2008; Every reasonable effort has been made by
Sanderson Weatherall to ensure accuracy and to check the facts contained in these particulars are complete. Interested parties are strongly advised to take appropriate steps to
verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. Sanderson Weatherall LLP . Registered in England company
number OC 344 770. Registered Office 25 Wellington Street Leeds LS1 4WG.
Design by www.weareimpression.co.uk
