Zone 2 & 3, Armouries Drive, Leeds
Description
UNDER OFFER
• A rare opportunity to purchase a 13.192 acre site in Leeds City Centre let on various ground leases offering long term secure income with asset management opportunities to drive value and potential income returns.
• 13.192 acres of prime real estate situated in the heart of Leeds City Centre within the ‘South Bank’ area which has seen significant redevelopment over the last 20 years creating a vibrant leisure, commercial and residential district.
• The site has excellent connectivity to both the major road networks and is a ten minute walk to the city centre.
• Property consists of 1,133 apartments, 1,500 space car park, 130 bed Holiday Inn, 13,000 sq ft conference centre, 33,415 sq ft of retail and leisure and 255,450 sq ft of office, studio and workspace.
• The site is also the home for the Royal Armouries Museum which attracts over 500,000 visitors a year and the highly successful UKREiiF, which hosted over 16,000 delegates this year and which will host the event again in 2026.
• Freehold and Long Leasehold interests being sold.
• Income of £428,294 per annum secured against fourteen 150 year leases (approximately 122 years unexpired).
• Majority of income secured against TCCP (Clarence Dock) Limited who operate the car park and Allied London who run the ‘Area Commercial Lease’.
• Long term redevelopment opportunities.
• The freeholder of Zone 2 is the Royal Armouries, who we believe will engage with a purchaser to regear the long leasehold interest. This would then allow lease negotiations with our client’s sub tenants.
• Potential to work with the main tenants looking to drive value and income returns through lease restructuring.
• We believe the income is highly secured against vacant possession value and potential sub income derived from the ‘commercial lease space‘ run by Allied London which we believe when fully let has an estimated rental value of £2,500,000 per annum together with car parking income.
We are instructed to seek offers in excess of £6,450,000 (Six Million Four Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level, based upon the current income offers an attractive net initial yield of 6.25%, net of purchaser’s costs of 6.64%.
• A rare opportunity to purchase a 13.192 acre site in Leeds City Centre let on various ground leases offering long term secure income with asset management opportunities to drive value and potential income returns.
• 13.192 acres of prime real estate situated in the heart of Leeds City Centre within the ‘South Bank’ area which has seen significant redevelopment over the last 20 years creating a vibrant leisure, commercial and residential district.
• The site has excellent connectivity to both the major road networks and is a ten minute walk to the city centre.
• Property consists of 1,133 apartments, 1,500 space car park, 130 bed Holiday Inn, 13,000 sq ft conference centre, 33,415 sq ft of retail and leisure and 255,450 sq ft of office, studio and workspace.
• The site is also the home for the Royal Armouries Museum which attracts over 500,000 visitors a year and the highly successful UKREiiF, which hosted over 16,000 delegates this year and which will host the event again in 2026.
• Freehold and Long Leasehold interests being sold.
• Income of £428,294 per annum secured against fourteen 150 year leases (approximately 122 years unexpired).
• Majority of income secured against TCCP (Clarence Dock) Limited who operate the car park and Allied London who run the ‘Area Commercial Lease’.
• Long term redevelopment opportunities.
• The freeholder of Zone 2 is the Royal Armouries, who we believe will engage with a purchaser to regear the long leasehold interest. This would then allow lease negotiations with our client’s sub tenants.
• Potential to work with the main tenants looking to drive value and income returns through lease restructuring.
• We believe the income is highly secured against vacant possession value and potential sub income derived from the ‘commercial lease space‘ run by Allied London which we believe when fully let has an estimated rental value of £2,500,000 per annum together with car parking income.
We are instructed to seek offers in excess of £6,450,000 (Six Million Four Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level, based upon the current income offers an attractive net initial yield of 6.25%, net of purchaser’s costs of 6.64%.
BUILDING HIGHLIGHTS
Within Leeds City Centre
Strong underlying value and sub income
13.192 acres of prime real estate
Excellent connectivity
