The subject property is located on in the heart of Leeds’ Financial Quarter. The property comprises a 1994-build, mid-terrace office building split over six storeys, arranged around a central core. Total net internal area of 35,951 sq ft (3,339.85 sq m) with 28 car parking spaces. Suite sizes range from 2,680 sq ft (248.97 sq m) to 6,103 sq ft (583.41 sq m); a close fit to the native occupier market. High quality, professional tenant mix, with all occupiers providing Creditsafe ‘Very Low’ or ‘Low’ risk covenants. Average office rent passing of just £22.34 per sq ft compared to a recognised city headline of £36 per sq ft, providing an excellent platform to capture ERV growth. The vendor intends to provide an 18 month rent, rates and service charge guarantee over the Ground Floor East suite (2,680 sq ft). The rental element of the guarantee equates to a modest £22.00 per sq ft. WAULT of 4.05 years (2.57 years to break).
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