DESCRIPTION
The estate comprises a terrace of
three units which all extend to 1,500
sq ft (4,500 sq ft in total).
It is of steel portal frame construction, faced with brickwork and
profile metal sheeting. Each unit has one ground level loading
door and one pedestrian door.
There is a loading area to the front of each unit, with diagonal car
parking adjacent to the northern boundary of the site. To the
east is a small yard area, which is demised to Unit 1. The eastern
boundary is marked by metal security fencing with gated access.
LOCATION
Units 1 - 3 Commercial Way is located
in Pudsey, which is a large town
conveniently located between Leeds
and Bradford.
It is just 1 mile from the A6110 (Pudsey Ring Road), which links
to Bradford in 5 miles (17 minutes) and Leeds in 5.6 miles (18
minutes). It is just 12 minutes from the M621 which in turn links
to the M1 and M62, providing excellent road connections.
Pudsey benefits from a train station (New Pudsey) which links
to Bradford in 9 minutes and Leeds in 13 minutes, up to 4 times
per hour.
The estate is located on the southwestern side of Hough Side
Road. Bus stops on nearby Swinnow Road provide very regular
services (every 5 ¿ 8 minutes) between Pudsey, Leeds and beyond.
TENANCY
The Estate is fully let to 3 tenants. The current rent passing is
£33,800 per annum, equating to a very low average rent of
£7.51 per sq ft.
We consider the Estimated Rental Value (ERV) on a headline
basis to be £40,125 (£8.92 per sq ft), making the estate highly
reversionary. Two of the units have lease events within the next
two years, providing opportunities to capture rental growth.
The size and nature of the units are perfect for local
occupiers, resulting in continued high occupancy levels,
derived from a lack of stock for this product in the local area.
PRICING
Offers are invited in excess of £500,000 (Five Hundred
Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level reflects a net initial yield of 6.46% and a
headline reversionary yield of 7.66%, assuming purchaser¿s costs
of 4.46%.
Attractive overall capital value of £111 psf.
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