The property comprises a mixed use three-storey development offering 19 residential apartments and three commercial retail units. The apartments surround a landscaped private rear courtyard and are positioned across the ground and upper floors, whilst the retail units are located off Lower Briggate, fronting the ground floor of the scheme.
The property is of solid masonry construction with glazed shop fronts and cast stone and curtain walling to the front elevation and partrendered and part cladding to rear elevations facing the courtyard.
The residential apartments are accessible via a secure gated entrance on Lower Briggate that leads into the central courtyard area. The apartments are distributed across 4 different blocks that are all accessible via the central courtyard. As you enter the development, on the left hand side there is a communal residents lounge and coworking space. At the rear of the courtyard there are communal rooms that are utilised as a post room & cycle storage area.
The residential apartments within the scheme provide a mixture of studio, 1, 2 & 3 bed accommodation. More specifically, there are 2 x studio apartments, 2 x 1 bed apartments, 13 x 2 bed apartments and 2 x 3 bed apartments. More details on the break down of units can be found within our Data Room. The apartments have been recently redeveloped and are fitted out to a very high specification. The apartments are spacious and light, benefitting from large double-glazed windows, open plan kitchen/ living rooms and ensuite accommodation to all two and three bedroom units.
The three commercial units front on to Lower Briggate, hence are accessible directly from the street. 164 Briggate is being utilised as a convenience store and is in a good state of repair for its existing use.162 Briggate is to be utilised as a vape shop and is currently in shell condition awaiting fitout. 165 Briggate sits in shell condition awaiting fitout having also just had a lease agreed to a florist.
Location
The property is located in the centre of Leeds, the cultural, financial and commercial heart of West Yorkshire and the administrative capital of one of the most populated city regions in the UK.
The city region forms the UK’s largest and most diverse economy outside of London with the traditional strength of financial and professional services complementing manufacturing and digital sectors.
Being home to five universities, Leeds has long since been a UK-leading university city. With a total full-time student population upwards of 60,000, the city has one of the largest and most consistent student populations in Britain.
Transport connectivity to Leeds is also excellent. Leeds City Railway Station is the UK’s second busiest outside London with over 23 million passengers passing through per year. It provides access to London Kings Cross in just over 2 hours alongside regular routes to all other northern powerhouse cities including Manchester, Newcastle and Liverpool.
The city benefits from proximity to the M1, M62 and A1(M), allowing easy onward road access to the remainder of the UK. International communications are provided by Leeds Bradford Airport approximately 8 miles to the north west of the city centre, servicing approximately 3 million passengers per year.
The property fronts Lower Briggate at the heart of Leeds City Centre. There are a number of residential schemes in the area such as The Quays, No. 1 Dock Street and Simpsons Fold along with hotels such as Malmaison and The Marriott. The Trinity Centre and Briggate, are located to the north of the property, giving access to the main retail core in Leeds.
Leeds Railway Station is located only 5 minutes’ walk to the west whilst one of the city’s most active nightlife areas, Call Lane, is located 2 minutes’ walk to the east. The property’s immediate vicinity comprises a mixed but balanced offering of restaurants, cafes, bars & pubs, hotels and traditional retailers. Occupiers in the area include the likes of Marks & Spencer, Nando’s, Co-op, North Brewing Co and Revolución de Cuba.
Accommodation
Floor Areas:
The studio and one-bedroom apartments range between 442 sq. ft. – 612 sq. ft., two-bedroom apartments range from 680 sq. ft. – 1,062 sq. ft. and three-bedroom apartments range between 1,056 sq. ft. – 1,089 sq. ft. This totals 14,293 sq. ft. of residential accommodation across all 19 units.
The property’s commercial elements, 162, 164 and 165 Lower Briggate, provide 3,338 sq. ft., 375 and 745 sq. ft. (GIA) respectively, totaling 4,458 sq. ft. of commercial space.
The property therefore, provides a total GIA of 18,751 sq. ft.
Please refer to the accompanying tenancy schedule available within our Data Room for full details.
Terms
Tenancy Details & Income Profile - The subject property currently produces a gross income of £470,000 per annum andis 97% occupied on a square footage basis.
There are 18 of 19 apartments within the scheme let to tenants on Assured Shorthold Tenancy agreements, producing a gross income of approximately £347,000 per annum.
The tenants pay for utilities and council tax separately under the agreements. The tenant profile is characterised by a mixture of PRS tenants and International Students.
We forecast that, when fully let, the scheme has the potential to generate a gross income of approximately £480,000 per annum.
The commercial units are fully let to three separate retailers on FRI leases that produce a rental income of approximately £123,000 per annum and provide aWAULT to expiry of 13.52 years.
Please refer to the accompanying Tenancy Schedule available within our Data Room
Asking Price & Offers - We are instructed to seek all expressions of interest for the freehold and long leasehold interest in the property.
Data Room - Further details are to be made available within a dedicated DataRoom. Please get in touch for access.
VAT - The Vendor reserves the right to charge VAT on the sale if applicable.
Legal Costs - Each party is to be responsible for their own legal costs incurred in connection with the sale of the property.
Specification
- Recently redeveloped mixed use investment asset in the heart of Leeds City Centre, one of the UK’s most vibrant residential and retail hubs.
- Unbroken freehold and long leasehold interest in 19 self-contained apartments and three prominent retail units.
- Currently generating a gross income of approximately £470,000 per annum (residential £347,000 per annum, commercial £123,000 per annum). Tenants responsible for payment of utilities and council tax separately.
- Strong rental tone set across the scheme with 18 of 19 apartments and all three retail units occupied. Reflects 97% occupancy rate, on a square footage basis.
- Potential to increase gross income through re-lettings of apartments and active management of the scheme.
- We are instructed to seek all expressions of interest for the freehold and long leasehold interest in the property.