Let to Royal Bank of Scotland Plc on a renewed 10 year lease until 2026
Prominent city centre location close to Trinity Leeds Shopping Centre
Prime banking and leisure destination
Neighbouring occupiers include Carluccio’s, Wagamama, Jamie’s Italian and Slug & Lettuce
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 14
Auction 7th July 2016
Rent £165,000 per Annum Exclusive
Status Sold
Price £2,350,000
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
10 miles east of Bradford, 36 miles north of Sheffield
Roads
A58M, A64M, M1, M621
Rail
Leeds Railway Station
Air
Leeds Bradford Airport
Situation
The property is situated within the prime banking and leisure quarter of the city centre and is located in a highly prominent position on the west side of Park Row and at its junction with Bedford Street and South Parade. Trinity Leeds and the Light shopping centres are both nearby, with neighbouring occupiers including NatWest, HSBC and Santander banks, as well as Carluccio’s, Wagamama, Gaucho, Piccolino and Jamie’s Italian Restaurants.
Tenure
Freehold.
Location
Miles
10 miles east of Bradford, 36 miles north of Sheffield
Roads
A58M, A64M, M1, M621
Rail
Leeds Railway Station
Air
Leeds Bradford Airport
Situation
The property is situated within the prime banking and leisure quarter of the city centre and is located in a highly prominent position on the west side of Park Row and at its junction with Bedford Street and South Parade. Trinity Leeds and the Light shopping centres are both nearby, with neighbouring occupiers including NatWest, HSBC and Santander banks, as well as Carluccio’s, Wagamama, Gaucho, Piccolino and Jamie’s Italian Restaurants.
Tenure
Freehold.
Description
The property, an attractive Grade II Listed building, comprises a ground floor banking hall with basement ancillary and office accommodation. The upper floors comprise 27 residential flats let on a long lease.
VAT
VAT is applicable to this lot.
Viewings
There will be a single block viewing for this property. All interested parties must register their details with the Auctioneers prior to the viewing date and provide identification on site. Please contact Alec Linfield. Tel: 020 7034 4860.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, an attractive Grade II Listed building, comprises a ground floor banking hall with basement ancillary and office accommodation. The upper floors comprise 27 residential flats let on a long lease.
VAT
VAT is applicable to this lot.
Viewings
There will be a single block viewing for this property. All interested parties must register their details with the Auctioneers prior to the viewing date and provide identification on site. Please contact Alec Linfield. Tel: 020 7034 4860.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
Ground Basement
Banking Hall Office/Ancillary
482.15 sq m 452.05 sq m
(5,190 sq ft) (4,866 sq ft)
ROYAL BANK OF SCOTLAND PLC
10 years from 11/03/2016
£165,000 (2)
11/03/2021 (10/03/2026)
1st to 4th
27 residential flats
Not Measured
BEDFORD CHAMBERS LEEDS LLP
999 years from 25/07/2012
£1
Total Commercial Area
809.26 sq m
(8,711 sq ft)
£165,001
(1) For the year ending 31/12/2015, Royal Bank of Scotland have a market capitalisation of £35.1bn and are 72.6% owned by HM Government (Source: www.investors.rbs.com). (2) Under the terms of the lease the tenant will pay an incentivised rent of £82,500 p.a.x. for the first 2.5 years of the term. The seller will pay the buyer the difference between the incentivised rent of £82,500 p.a.x. and £165,000 p.a.x. from completion of the sale until 10/09/2018. Therefore the property will effectively produce £165,000 per annum exclusive from completion of the sale. (3) There are two 999 year leaseholds each producing £1 per annum exclusive that are granted directly out of the freehold interest. The occupational lease in favour of Royal Bank of Scotland is granted out of one 999 year lease which along with the freehold interest will be transferred to the buyer on completion. The second 999 year leasehold interest holds the 27 residential leases which is not being transferred to the buyer but is available by separate negotiation.
