Meadow Lane 1, Leeds, West Yorkshire, LS11 5BD, UK

One Leeds City Office Park, Meadow Lane, Leeds

Asset description

A Premier Business Park Office Investment Opportunity with Significant Reversionary Potential

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Building area net

5,110 sm

Occupancy

51%

Year built

1996

A highly prominent position at the Gateway of Leeds South Bank, an area experiencing unprecedented levels of development
Comprising a modern multi-let office totaling 55,006 sq ft on a site of 1.90 acres
Excellent parking provision with 189 spaces equating to 1:300 parking ratio
Multi-let to 2 tenants, Conduent Public Sector UK Limited and KnowBe4 UK with a WAULT of 3.56 years to expiry
Currently 26,960 sq ft vacant (49% vacancy) providing excellent reversionary potential
Passing rent of £728,207 per annum equating to a low average passing rent of £23.00 psf. Prime rents in Leeds are now achieving £36.00 psf.
Headline ERV of £1,526,511 per annum (including car parking) equating to £23.00 psf and an average of £1,500 per car parking space
Highly reversionary with a reversionary yield of 21%
Potential alternative use angle, positioned within the prominent and expanding southern fringe of Leeds City Centre
EPC rating of D (78)
Comprehensively refurbished in 2019
Freehold
We are instructed to seek offers in excess of £6,825,000, subject to contract and exclusive of VAT
A purchase at this level would reflect an attractive Net Initial Yield of 10%, a low capital value of £124 psf and a reversionary yield of 21% on letting of the vacant space, assuming purchaser's costs of 6.78%