Adair Paxton Property Specialists

The Old Woolpack Buildings Low Lane, Leeds

Asking price of £250,000
For Sale

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  • Long standing Tenant
  • Freehold possession subject to existing lease
  • £15,000pa income

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LOCATION

The property is located fronting Low Lane close to its junction with Broadgate Lane and a short distance from the Leeds Outer Ring Road (A6120). The property is located within a densely populated residential area. There is unrestricted parking available on Low Lane and surrounding streets.

DESCRIPTION

The property is a detached two storey stone built building, comprising ground floor restaurant with first floor storage space. The property is let to a private individual tenant who trades as an Indian restaurant.

ACCOMMODATION

Measured in accordance with the RICS Property Measurement (incorporating International Property Measurement Standards) 1st Edition, May 2015, the unit provides the following approximate internal areas:

Ground Floor: 1,405 sq ft (130.6m²)

First Floor: 636 sq ft (59.1m²)

Total: 2,041sq ft (189.7m²)

TENANCY DETAILS

The premises are currently leased by way a 15-year lease from 1st November 2010 at a passing rent of £15,000 p.a. exclusive. Therefore, the lease expires in 2025 and the next rent review is due in 2019.

 

TERMS

The property is offered on a freehold basis subject to the existing lease with offers invited in excess of £250,000. VAT is not applicable on this property.

 

BUSINESS RATES

According to the Valuation Office Agency website, the premises has a current 2017 rateable value of £10,250. Interested parties are advised to direct further enquiries to the local authority.

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