St George House 40 Great George Street, Leeds LS1 3DL 70 YEARS TO LEEDS CITY COUNCIL CITY CENTRE OFFICE INVESTMENT
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1 70 YEARS TO LEEDS CITY COUNCIL CITY CENTRE OFFICE INVESTMENT
2 Investment Summary > Location Leeds is a dynamic north east city being the principal commercial, financial and professional centre for the Yorkshire region and one of the top four cities in the UK. > Situation City Centre Civic Quater location. > Description Developed in Mixed use part 4/5 storey building. Ground Floor - Retail/A3/Car Parking & Office reception. 1st - 4th Floors - Well specified Offices. > Accommodation 4,317.1 sq m (46,467 sq ft). > Tenure 99 years from 1st March 1984 with a further 26 year extension. Thus over 95 years unexpired. Headrent - 68, p.a. - 5 yearly rent reviews to 10% of OMRV, the next being on 1st March > Tenancy Let to Leeds City Council for 99 years from 1st March 1984 expiring 27th February Just under 70 years unexpired. In the event the headlessor exercises the right to extend the headlease for a further 26 years, this automatically triggers the following: A) A mutual break between the headlessor and the undertenant, or B) The right for the undertenant to also extend for a further 26 years. (NB. Only the headlessor can trigger this event.) > Rent 495,000 p.a. ( psf overall) - based on 5 yearly rent reviews to % of OMRV plus headrent based on 10% of OMRV. The next rent review is on 1st March Therefore, the net rent stands at 426, p.a. > Proposal We are instructed to seek offers in excess of 6,715,000 (Six million, Seven Hundred and Fifteen Thousand Pounds only) exclusive of Vat reflecting an attractive net initial yield of 6.00% after normal purchaser s costs of 5.8%.
3 HEADINGLEY BURLEY PARK WOODHOUSE A65 A660 SHEEPSCAR ST N A58 ROUNDHAY RD A58 EASTERLY A647 GOTTS PARK STANNINGLEY RD WESTERN FLATTS PARK WHITEHALL RD KIRKSTALL RD HANGOVER SQ St George House A58(M) A58(M) PARK ST GREAT GEORGE ST MILLENIUM SQ MERRION ST INNER RING RD NEW NORTH A6110 WORTLEY RECREATION GROUND A647 A58 Location St George House A58 WELLINGTON RD LEEDS NEW YORK RD RIVER AIRE Leeds, the principal commercial, financial and professional centre for the Yorkshire region, is centrally located in the UK, being approximately 312 km (195 miles) north of London, 71 km (44 miles) north-east of Manchester and 64 km (40 miles) north of Sheffield. By road, the city is well connected to national motorway networks. The M1 is directly accessed from the city centre by the M621 which in turn links with the A1(M). The M1 and A1 provide access to the north and south of the UK. Leeds City Railway Station is the busiest regional station in the UK, with an estimated 50,000 passengers using the station daily. The city offers an excellent rail service, with frequent express trains to the UK s major cities and a fastest journey time to London of 2 hours and 10 minutes. The railway station is 5 minutes walk south of the property. Leeds Bradford International Airport is located 11 km (7 miles) to the north-west of the city centre and provides flights to 70 destinations in 30 countries, including London, Paris, Dublin, Rome, Barcelona and Prague. The airport has trebled in size since 1996 and is a significant gateway into the region. Manchester airport is also accessible via a direct rail service linking the city centre to the airport. A61 M261 M261 A61 A61 A63 YORK RD A64 PO BURLEY ST A58(M) WESTGATE WELLINGTON ST RIVER AIRE LEEDS Situation PARK SQ ST PAUL S ST YORK PLACE LEEDS TOWN HALL E PARADE DUNCAN ST St George House is situated in the Civic Quarter in the city centre. Leeds General Infirmary lies on the opposite side of Portland Street to the north, the city s Law Courts lie a short distance to the south-west and the town hall lies to the south. The area is predominantly a commercial location with several shops and restaurants/bars situated along Great George Street including an open community space Millennium Square, which lies a short distance to the east. St George House is situated close to the A58 (M), inner ring road. The property links with Westgate to the South via Park Street and Oxford Street. Access to the M621, and the wider motorway network is approximately one mile to the south. PARK ROW ALBION ST VICAR LANE Description Constructed in 1983, the Property comprises a prominent part four / part five horseshoe shaped building, providing retail and restaurant accommodation at ground floor, and offices above with secure ground level parking. Internally, the upper floor offices provide good quality flexible accommodation benefiting from suspended ceilings, perimeter trunking, a ceiling-recessed combined heating/cooling system and a central heating system throughout. The offices have an expansive reception area accessed off Great George Street incorporating two passenger lifts (10 passengers), with disabled access through the car park via Portland Street. Secure car parking is provided at ground level for 17 vehicles and an additional three tandem parking spaces are accessed via Portland Street, which equates to a ratio of 1:1,867 sq ft. The site area extends to 0.36 acres (0.144 hectares).
4 Accomodation The Building has been measured by Plowman & Craven in accordance with the RICS Code of measuring Practice Edition 6 and set out the floor areas. These areas are assignable. DESCRIPTION NET INTERNAL AREA Sq M Sq Ft Unit ,687 Unit 2B ,355 Unit 2C Unit 2A ,479 Ground Floor Reception First Floor Offices 1, ,795 Second Floor Offices 1, ,877 Third Floor Offices 1, ,804 Fourth Floor Offices ,849 TOTAL 4, ,467 Tenancy The property is underlet from 1st March 1984, for a term of 99 years expiring 27th February 2083, just under 70 years unexpired. The underlease is subject to full repairing and insuring terms and is subject to 5 yearly upward only rent reviews, geared to % of OMRV plus the headrent based on 10% of OMRV, the next being on 1st March In the event the headlessor exercises the right to extend the headlease for a further 26 years, this automatically triggers the following: A) A mutual break between the headlessor and the undertenant, or B) The right for the undertenant to also extend for a further 26 years. (NB. Only the headlessor can trigger this event.) The current rent is 495,000 per annum devaluing to per sq ft overall. Therefore, the current net rent stands at 426, per annum. The offices were originally let with central corridors in place and at the last rent review there was a deduction for corridor removal in offices relating to the annualised cost of dismantling the corridors to re-create open plan space. Tenure The building is held on a long lease for a term of 99 years from 1 March 1984 from Leeds City Council, the freeholder. The tenant has a right to renew for a further term of 26 years being given not more than 21 years and no less than three months notice. As such this right can be exercised between 1st March th November There are over 95 years unexpired if the renewal right is exercised. The current head rent is 68, per annum. With rent reviews every five years, the next being 1st March 2014 and reviewed to 10% of the open market rent. FREEHOLDER LEEDS CITY COUNCIL HEADLEASE VENDOR 99 years from 1st March 1984(with right to extend for a further 26 years)rent - 68, p.a. exclusive UNDERLEASE LEEDS CITY COUNCIL 99 years from 1st March 1984(with right to break or extend as set out under tenancy)rent - 495,000 p.a. exclusive SUB UNDERLEASES (Schedule available upon request)
5 To Leeds Railway Station Leeds Arena 2 Leeds City Museum 3 Millennium Square 4 The Light 5 The Headrow 6 The Victoria Quarter 7 The Core Shopping Centre 8 Trinity Leeds 9 Park Square 10 Leeds Town Hall 11 Leeds Combined Court Centre 12 Leeds General Infirmary 13 Leeds Civic Hall 14 Leeds Metropolitan University 15 One City Square 16 Torronto Square 17 Park Plaza Hotel 18 Pinnacle
6 Market Conditions and Trends Leeds has established itself as one of the top four city centre office locations in the UK providing substantial accommodation for law firms, accountants, call centres, regional Government offices, insurance companies and other professional services. Leeds is one of the UK s leading regional centres having a total of circa 1,300,000 sq m (14,000,000 sq ft) of city centre office accommodation. Whilst take-up has remained steady, the supply of Grade A accommodation has significantly diminished during the last 18 months. In part this is due to the likes of No 1 Leeds, which now has only 15,500 sq ft remaining having been 88% vacant (105,000 sq ft to let) at the start of True Grade A availability in the city centre core is currently below 100,000 sq ft with 60% of that in two buildings, City Point and Toronto Square. Prime rents have remained broadly stable for the past few years, with headline rents of 24 psf. ERV - Offices In our opinion the ERV for the office element of St George House stands at per sq ft. Evidence of lettings within the city centre of comparable refurbished office space:- 14 King Street - Maples & Calder took 5,307 sq ft at per sq ft. Park Row House - Five Ten Group took 5,700 sq ft at per sq ft. 10 South Parade - Odgers Berndtson took 3,200 sq ft at per sq ft. Oxford House, Oxford Row - Exchange Chambers took 5,704 sq ft at per sq ft. ERV - Retail In our opinion the ERV of the retail element of St George House stands at pst overall and per sq ft for the A3 element Cookbridge Street - Baa Bar Ltd took 5,529 sq ft at per sq ft. Yorkshire House, Greek Street - Carluccio s took 5,005 sq ft at 27 per sq ft. 49 Great George Street - Greggs took 574 ITZA at ZA (2008). 55 Great George Street - Deli Kitchen took ITZA at ZA (2009). Therefore, in our opinion, we believe the ERV for the property assuming the above stands at 685,000 per annum. The Investment Market Throughout the downturn investors have shown preference towards the prime end of the market, with quality and duration of income being the important factors. Most investors have also chased the top 4 provincial cities in terms of location behind London and the south-east. More recently over the last two quarters it has become apparent that there is now a lack of institutional prime assets available and subsequently there has been a hardening of yields. We expect this improvement to continue. In the context of the Leeds market, activity has been focused strongly on the city centre, with a more favourable supply/demand balance and firmer rental growth prospects for the foreseeable future, underpinned by the strength of Leeds as a business centre.
7 Investment Comparables Address Tenant Unexpired (years) Rent p.a. Rent psf Capital Value NIY Broadcasting Place, Woodhouse Lane Ptarmigan Building, Sitka Drive, Shrewsbury Business Park, Shrewsbury Langley Bridge Industrial Estate, Nottingham Leeds Metropolitan University Shropshire County Council Amber Valley Borough Council ,234, m 5.61% , m 6.00% , m 4.60% 160 Tooley Street London SE1 Southwark Council m m 4.25%
8 VAT The property has been elected for VAT purposes. It is the intention to treat this transaction as a Transfer of a Going Concern (TOGC). Proposal EPC An Energy Performance Certificate has been commissioned and is available on request. The building has a rating of D. We are instructed to seek offers in excess of 6,715,000 (Six million, Seven Hundred and Fifteen Thousand Pounds only) exclusive of Vat reflecting an attractive net initial yield of 6.00% after normal purchaser s costs of 5.8%. Contact To discuss this opportunity or to arrange an inspection please contact:- Andrew Dobson T: E: adobson@browncoopermarples.com M: John Reavley T: E: jreavley@browncoopermarples.com M: Or George Edwards T: E: gedwards@lsh.co.uk M: Ben Roberts T: E: broberts@lsh.co.uk M: Charlie Lake T: E: clake@lsh.co.uk M: MISREPRESENTATION ACT Brown Cooper Marples and Lambert Smith Hampton as agents for the vendor, or as the case may be, Lessor (the Vendor ) and for themselves, give notice that: (1) These particulars are given merely as a general guide to the property. They are not and shall not hereafter become part of any offer or contract. (2) The statements here in are made in good faith but without any responsibility whatsoever on the part of the Vendor, Brown Cooper Marples and Lambert Smith Hampton or their servants. It is for the purchaser or as the case may be Lessee (the Purchaser ) to satisfy himself by inspection or otherwise as to their accuracy and fullness, he must not in entering into contract or otherwise rely upon these particulars as statements or representations of fact. (3) The Vendor does not make or give and neither Brown Cooper Marples and Lambert Smith Hampton nor their servants has any authority, express or implied, to make or give any representations or warranties in respect of the property. (4) In the event of any inconsistency between these Particulars and the Conditions of Sale, the latter shall prevail. April 2013
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