Office for sale in Elizabeth House, 13-19 Queen Street, Leeds LS1

Key Points

Description

The property is a five storey brick and stone clad office building beneath a slate covered mansard roof. The building is arranged in a ‘T’ shape on a rectangular site fronting Queen Street. Car parking is available to the rear of the property providing 15 spaces giving a parking ratio of 1:1,706 sq ft (1:158 sq m). The main access to the building is via Queen Street with one entrance to the middle of the frontage and a further entrance to the lift lobby towards the north extent of the building.

Inside, the accommodation is arranged with the lift, WC’s and services in the north side of the building. All floors have lift access and male, female and disabled WC’s. The building provides a floor to ceiling height of circa 2.8m (2.34m in the 4th Floor). The offices are built to a high quality specification, all floors have comfort cooling, with data and telephone services provided in part perimeter and part under floor trunking. The building was comprehensively refurbished in 2012.

Location

The property is located within the City of Leeds, England. Leeds is...

• The main commercial centre of the Yorkshire, as a city region it has an economy worth £69bn (5% of UK’s output) and is home to 3 million people with 7 million people within one hour’s drive. Over the last 10 years the economy has grown by 34%.

• The second largest centre in the UK for financial and legal services, employing 46,000 people across the professional services sector with well in excess of 30 national and international banks having representation in the city.

• Home to eight universities producing some 39,000 graduates a year and a total student population of around 72,000 making it one of the largest student concentrations in Europe. The city has a very good student retention rate providing an excellent pool of skilled labour.

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The accommodation comprises the following areas:

Situation

Elizabeth House is in a prime city core location opposite offices occupied by Burberry plc and the Financial Conduct Authority. It is flanked by multi let offices either side with a q-Park multi story car park immediately behind the property. Aparthotel operator Q Two also occupy the street.

Around 50m from the property is Wellington Place a new office dominated development which has transformed the East Side of the Leeds Central Business District. At 21 acres and 1m sq ft in size it is the largest office development in Leeds for the past 20 years. When completed one in ten jobs in central Leeds will be based here. The effect of the development has been to redefine the prime office pitch within the city. It is home to a
host of significant occupiers including Lloyds Banking Group, Allianz, Investec, hmrc, Brewin Dolphin, Sky Bet, wsp, and Buro Happold amongst others.

The situation of Elizabeth House will further improve with the redevelopment of the Lisbon Street site immediately behind the property and the adjacent McLaren led Wellington Square site. The first phase of the Lisbon Street development is onsite. It consists of 629 apartments and 500 student units within two buildings of 33 and 22 floors. Two additional phases will include a hotel and offices. The Wellington Street development has consent for a 330,000 sq ft office led scheme. An additional consent is being considered increasing the scale of development from 19 storeys to 45 storeys moving to a more mixed use scheme.

The train station is 7 minutes walk from the property.

Tenancy

The property is let in its entirety on a Fully Repairing and Insuring lease to Clarion Solicitors commencing on the 1st of April 2012 and expiring on the 31st of March 2027. The current passing rent is £502,400 per annum. The rent reflects £18.32 per sq ft.

Proposal

Offers are invited in excess of £4,700,000 subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 10% and a reversionary yield of 11.27% assuming graduated acquisition costs of 6.58%. This reflects a low capital value of £184 per sq ft.

Viewings And Further Information

For further information or if you wish to arrange a viewing please do not hesitate to contact:

Tom Day Bsc (Hons) mrics