Gibraltar House

Old Mill Business Park, Leeds, LS10 1HB

6,884 sq ft

Multi-let Office Investment For Sale

Summary

Let to two high quality tenants
Passing rent of £12.50psf and £14psf respectively
Offers in excess of £670,000 12% NIY assuming £14psf 13.67%

Accommodation

The accommodation comprises the following areas:

Name	sq ft	sq m	Availability
Unit - North	3,429	318.56	Available
Unit - South	3,455	320.98	Available
Total	6,884	639.54

Location

Leeds is the most prominent city of the Yorkshire and Humber region, lying in the centre of the UK, approximately 35 miles (56.3 km) from Sheffield, 44 miles (71 km) east of Manchester and 194 miles (312 km) north of London. The city is the third largest city in the UK with a population of 810,000 people (2021 Census). It has a large and diverse occupier take-up contributing £64 billion or 5% to the UK’s economy. The location benefits from close proximity to the M621 which serves the City from the south and feeds into M1 and M62 motorways.

Gibraltar House is situated on Old Mill Business Park south of Leeds City Centre. Old Mill Business Park is mainly used for trade counter and Industrial
uses with some office users. It is at the head of Bowcliffe Road which is a cul–de-sac. The occupiers within the vicinity include Cromwell Tools, Jewson and Plumb Centre amongst others.

Get directions from Google Maps

Mainline Stations

Leeds

29 mins
Cottingley

55 mins
Burley Park

61 mins
Cross Gates

64 mins

Underground Station

Chesham

2865 mins
Amersham

2907 mins
Chalfont and Latimer

2924 mins
Chorleywood

2951 mins

Further Information

Price Offers in excess of £670,000

Rates Payable Upon Enquiry

Service Charge Service charge information is available on request

EPC Rating This property has been graded as C

Description

The property consists of a high quality two storey detached office property in a cul-de-sac location. The building has been split vertically and let to two tenants occupying half the building on ground and first floors.
The offices have been constructed to a modern specification with double glazing, raised floors and comfort cooling. Each floor has male and female WC’s and kitchen facilities. The layout of the property lends itself to being occupied on a floor by floor basis or vertically (as it is currently occupied).

Proposal

Offers are invited in excess of £670,000 subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 12.94% assuming a rate of £14psf across the property it shows 13.67% reversionary yield assuming graduated acquisition costs of 5.23%. This reflects a low capital value of £97 per sq ft.

VAT

The property is elected for however, is anticipated that the sale will be structured as a Transfer of a Going Concern (TOGC) in which case VAT won’t be payable.

AML

The purchaser will need to satisfy the Anti Money Laundering policies of the sales agent and the Vendor client. This is usually two forms of identification and confirmation of the source of funding from the successful purchaser.