26 / 27 Park Row Leeds LS1 5QB

26 / 27 Park Row
Leeds
LS1 5QB

Freehold Bank Investment

Let to Royal Bank of Scotland Plc on a renewed 10 year lease until 2026
Prominent city centre location close to Trinity Leeds Shopping Centre
Prime banking and leisure destination
Neighbouring occupiers include Carluccio’s, Wagamama, Jamie’s Italian and Slug & Lettuce
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
14
Auction
7th July 2016
Rent
£165,000 per Annum Exclusive
Status
Sold
Price
£2,350,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Important Update Interested?

Expand
Photos
Map

Freehold Bank Investment

Let to Royal Bank of Scotland Plc on a renewed 10 year lease until 2026
Prominent city centre location close to Trinity Leeds Shopping Centre
Prime banking and leisure destination
Neighbouring occupiers include Carluccio’s, Wagamama, Jamie’s Italian and Slug & Lettuce
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 14
Auction 7th July 2016
Rent £165,000 per Annum Exclusive
Status Sold
Price £2,350,000
Sector
Bank
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Property Information

Location

Miles: 10 miles east of Bradford, 36 miles north of Sheffield
Roads: A58M, A64M, M1, M621
Rail: Leeds Railway Station
Air: Leeds Bradford Airport

Situation

The property is situated within the prime banking and leisure quarter of the city centre and is located in a highly prominent position on the west side of Park Row and at its junction with Bedford Street and South Parade. Trinity Leeds and the Light shopping centres are both nearby, with neighbouring occupiers including NatWest, HSBC and Santander banks, as well as Carluccio’s, Wagamama, Gaucho, Piccolino and Jamie’s Italian Restaurants.

Tenure

Freehold.

Location

Miles: 10 miles east of Bradford, 36 miles north of Sheffield
Roads: A58M, A64M, M1, M621
Rail: Leeds Railway Station
Air: Leeds Bradford Airport

Situation

Tenure

Freehold.

Description

The property, an attractive Grade II Listed building, comprises a ground floor banking hall with basement ancillary and office accommodation. The upper floors comprise 27 residential flats let on a long lease.

VAT

VAT is applicable to this lot.

Viewings

There will be a single block viewing for this property. All interested parties must register their details with the Auctioneers prior to the viewing date and provide identification on site. Please contact Alec Linfield. Tel: 020 7034 4860.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

Viewings

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
Ground Basement	Banking Hall Office/Ancillary	482.15 sq m 452.05 sq m	(5,190 sq ft) (4,866 sq ft)	ROYAL BANK OF SCOTLAND PLC	10 years from 11/03/2016	£165,000 (2)	11/03/2021 (10/03/2026)
1st to 4th	27 residential flats	Not Measured		BEDFORD CHAMBERS LEEDS LLP	999 years from 25/07/2012	£1
Total Commercial Area		809.26 sq m	(8,711 sq ft)			£165,001

(1) For the year ending 31/12/2015, Royal Bank of Scotland have a market capitalisation of £35.1bn and are 72.6% owned by HM Government (Source: www.investors.rbs.com).
(2) Under the terms of the lease the tenant will pay an incentivised rent of £82,500 p.a.x. for the first 2.5 years of the term. The seller will pay the buyer the difference between the incentivised rent of £82,500 p.a.x. and £165,000 p.a.x. from completion of the sale until 10/09/2018. Therefore the property will effectively produce £165,000 per annum exclusive from completion of the sale.
(3) There are two 999 year leaseholds each producing £1 per annum exclusive that are granted directly out of the freehold interest. The occupational lease in favour of Royal Bank of Scotland is granted out of one 999 year lease which along with the freehold interest will be transferred to the buyer on completion. The second 999 year leasehold interest holds the 27 residential leases which is not being transferred to the buyer but is available by separate negotiation.