DESCRIPTION
The estate comprises 10 units across
two detached terraces of steel portal
frame construction, extending to
12,960 sq ft (1,204 sq m).
Units 1 ¿ 4 on the eastern site run parallel with Cross Lane. They
are all 1,500 sq ft, extending to 6,000 sq ft in total. Units 5 ¿ 10
on the western side sit parallel with Upper Wortley Road, each
extending to 1,160 sq ft and 6,960 sq ft in total.
All units have car parking and yard areas to the front, together
with a ground level loading door and a pedestrian door. The
elevations are finished with brick and profile metal cladding and
the roof with metal sheeting. Internally the units have W/C and
kitchenette facilities.
The estate has vehicular access from Upper Wortley Road, with
gated access leading into the estate. The site is surrounded
by security fencing, with CCTV in operation.
LOCATION
Wortley Business Park benefits from
an excellent location in Armley, a
suburb on the western side of Leeds.
Leeds is located in west Yorkshire, 44 miles north-east of
Manchester and 37 miles north of Sheffield. The city benefits
from excellent transport infrastructure links afforded by the M1
and M62 motorways.
TENANCY
TENANCY
The Estate is currently let to 10 tenants with no vacancy. The
current rent passing is £129,500 pa reflecting a very low
£9.99 per sq ft.
We consider the Estimated Rental Value (ERV) on a headline
basis to be £156,000 pa (£12.04 per sq ft), making the estate
highly reversionary. The income is well diversified, with all
units leased to separate occupiers. The estate has
demonstrated continued high occupancy levels, which
reflects the quality of the asset and importance the location
plays at a local level.
PRICING
Offers are invited in excess of £1,742,000 (One Million, Seven
Hundred and Forty Two Thousand Pounds), subject to
contract and exclusive of VAT.
A purchase at this level reflects a net initial yield of 7.00% and a
headline reversionary yield of 8.43%, assuming purchaser¿s
costs of 6.20%.
Attractive overall capital value of £134 psf.
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