Property Detail

DESCRIPTION

The premises are located off Assembly Street in Leeds City Centre overlooking the historic Corn Exchange shopping centre.  The local authority have recently carried out a street improvements program in the local area and the premises now benefit from an attractive public square to the front elevation.

This Georgian Grade II* listed property was opened by Sir George Savile and Lady Effingham in 1777 and is a great historical importance to the city.  The building occupies the whole of the site and is of traditional red brick construction with a cement rendered covering under a blue slated pitched roof.  Floor plans available on request.

TENANCIES

Briefly the accommodation comprises:

Unit 1 ��" Let to the Pelican Group Plc for a term of 25 years from the 28^th January 1998 at a rent of £100,627.00 per annum excl. The Lease is on effective full repairing and insuring terms and there are rent reviews at 5 yearly intervals to the higher of passing rent or OMV.

Unit 2 ��" Let to Shalport Ltd on a 25 year Lease from the 21 January 2003 at a rent of £63,227.36 per annum excl. The Lease is held on effective full repairing and insuring terms and there are rent reviews at 5 yearly intervals to the higher of passing rent or OMV

Unit 3 ��" Let to Pitcher & Piano Space on a 25 year Lease from the 8 January 2003 at a rent of £99,733.00 per annum excl.  The Lease is on effective full repairing and insuring terms and there are rent reviews at 5 yearly intervals to the higher of passing rent or OMV.

The original tenants are not in occupation.  Unit 1 has been sublet to The Cattle Grid.  Units 2 trades as Mezz night club.  Unit 3 is currently on the market being offered under the terms of a sublease. 

TERMS

We are instructed by our client to seek offers in excess of £3,000,000.00 (Three Million Pounds), subject to contract and exclusive of VAT.

A purchase at this level would reflect an attractive net initial yield of 8.78%.

BUSINESS RATES

The Local Authority advise that the premises are assessed as follows:-

UNIT 1 RV     -        £58,000.

UNIT 2 RV     -        £67,000.

UNIT3  RV     -        £65,000.

We would advise any purchaser to check the accuracy of the above information to their own satisfaction.

TENURE

The property is Freehold.

VAT

The property is elected for VAT, therefore VAT is payable on the purchase price.  It is intended that the sale will be treated as a TOGC.

VIEWINGS

For further information or to arrange an accompanied viewing, please contact joint agents:

Mr Simon Nabarro

0113 266 7666

Or

Mr Robert Thompson

RPM 0207 491 4110

SUBJECT TO CONTRACT

MISREPRESENTATION CLAUSE

Nabarro McAllister & Co for themselves and for vendors or lessors of this property whose agents they are, give notice that:

1.             The particulars are set out as a general outline only for the guidance of intended purchasers or lessees and do not constitute nor constitute part of, an offer or contract;

2.             All descriptions, dimensions, reference to condition and necessary permission for use and occupation and other details are given without responsibility and any intending purchasers or tenants should not rely on any statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them;

3.             No person in the employment of Nabarro McAllister & Co has any authority to make or give any representation or warranty whatever in relation to this property.

Regulated by RICS