Description

No.1 Midpoint Business Park provides the opportunity to acquire a modern Freehold office investment. The building extends to 39,178 sq ft (NIA) on a prominent 2.5 acre plot. 185 dedicated parking spaces provide an excellent ratio of 1:212 sq ft.

Internally, the office, which was purpose built in the year 2000, provides a modern Grade A specification including a full-height glazed atrium, an 8-person passenger lift and raised access floors & VAV air conditioning throughout. The property has an EPC Rating of B.

The property is located on Midpoint Business Park, which is prominently positioned within the Thornbury Commercial District, approximately 3 miles east of Bradford city centre and 8 miles West of Leeds city centre. It's strategic location provides excellent connectivity to the regional motorway network via the A6177 Bradford Ring Road and Junction 26 of the M62 Motorway.

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Attributes

Building area net

39,178 sf

Year built

2000

EPC

Grade B

Remaining lease term

14.5 years

Total Annual Rent

£513,702.00

Rent PSF

£13.11

Asking price

£4,000,000

Cap rate

12.05%

Media

Investment Highlights

The building is let in its entirety by way of a new 15-year Full Repairing and Insuring lease to Loop Customer Management Limited commencing 10 December 2025 and expiring 9 December 2040 (14.5 years unexpired)
The lease is guaranteed by Kelda Eurobond Co Limited
Highly secure covenant ultimately supported by the Kelda Group / Yorkshire Water group structure
Rebased passing rent of £513,702 per annum, reflecting a low rate of £13.11 per sq ft
Tenant break options in years 4, 8 and 12, subject to 6 months notice - 4 month rent free incentives if the breaks are not exercised
5 yearly upwards-only open market rent reviews

We are instructed to seek offers in excess of £4,000,000 (Four Million Pounds) subject to contract and exclusive of VAT. A purchase at this level provides an attractive Net Initial Yield of 12.05%, assuming standard purchaser's costs of 6.54% and a low capital value of just £102 per sq ft (well below replacement cost).