Highly Reversionary Multi-let Industrial Estate

Key Features

• Rare opportunity to acquire a highly reversionary multi-let industrial estate in Leeds.
• Short distance to J1 of the M621.
• 12,960 sq ft across 10 units.
• Freehold.
• Headline rent of £129,500 per annum (Very low average rent of £9.99 per sq ft).
• Headline ERV of £156,000 pa (reflecting an overall average rent of £12.04 per sq ft). Strong reversionary potential.
• Offers are invited in excess of £1,742,000, subject to contract and exclusive of VAT.
• A purchase at this level reflects a net initial yield of 7.00% and a headline reversionary yield of 8.43% assuming purchaser’s costs of 6.20%.
• Attractive overall capital value of £134 psf

Description

The estate comprises 10 units across two detached terraces of steel portal frame construction, extending to 12,960 sq ft (1,204 sq m).

Units 1 – 4 on the eastern site run parallel with Cross Lane. They are all 1,500 sq ft, extending to 6,000 sq ft in total. Units 5 – 10 on the western side sit parallel with Upper Wortley Road, each extending to 1,160 sq ft and 6,960 sq ft in total. All units have car parking and yard areas to the front, together with a ground level loading door and a pedestrian door. The elevations are finished with brick and profile metal cladding and the roof with metal sheeting. Internally the units have W/C and kitchenette facilities.

The estate has vehicular access from Upper Wortley Road, with gated access leading into the estate. The site is surrounded by security fencing, with CCTV in operation.

Location

Wortley Business Park benefits from an excellent location in Armley, a suburb on the western side of Leeds. Leeds is located in west Yorkshire, 44 miles north-east of Manchester and 37 miles north of Sheffield. The city benefits from excellent transport infrastructure links afforded by the M1 and M62 motorways.

The estate lies between Tong Road (B6154) and Upper Wortley Road, with the former being one of the main arterial routes connecting Leeds and Bradford. Bus stops on Cross Lane provide hourly services to and from the city centre, with further bus stops on the B6154 providing regular services between Pudsey, the city centre and beyond.