One Leeds City Office Park, Meadow Lane, Leeds_Property for Sale
One Leeds City Office Park, Meadow Lane, Leeds_Property for Sale
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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Attributes

Building area net
55,006 sf
Occupancy
51%
Year built
1996

Media

Investment highlights

  • 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%

Contact brokers

One Leeds City Office Park, Meadow Lane, Leeds (0 Properties)

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Last updated
Oct 25, 2023