4 South Parade Wakefield West Yorkshire WF1 1LR

4 South Parade
Wakefield
West Yorkshire
WF1 1LR

Freehold Office Investment

Let to The Secretary of State for Communities and Local Government (occupied by Crown Prosecution Service National Accounting Team)
Recently completed new 5 year lease (extension) from September 2017
Tenant in occupation for approximately 25 years
Approximately 9,080 sq ft - in two connecting buildings
Close to Wakefield City Centre & Wakefield Westgate/Kirkgate Railway Stations
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
45
Auction
30th March 2017
Rent
£96,000 per Annum Exclusive
Status
Sold Prior
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Office Investment

Let to The Secretary of State for Communities and Local Government (occupied by Crown Prosecution Service National Accounting Team)
Recently completed new 5 year lease (extension) from September 2017
Tenant in occupation for approximately 25 years
Approximately 9,080 sq ft - in two connecting buildings
Close to Wakefield City Centre & Wakefield Westgate/Kirkgate Railway Stations
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 45
Auction 30th March 2017
Rent £96,000 per Annum Exclusive
Status Sold Prior
Price
Sector
Office
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 10 miles south of Leeds, 24 miles north of Sheffield
Roads: A61, A642 M1 (Junction 40)
Rail: Wakefield Westgate (direct link to London Kings Cross) and Wakefield Kirkgate Railway Stations
Air: Leeds/Bradford Airport

Situation

The property is situated on the northern side of South Parade with a rear frontage to George Street, close to the City Centre. The property benefits from excellent rail communications with both Wakefield Westgate and Wakefield Kirkgate Railway Stations a short walk away. The Ridings Shopping Centre lies approximately 200m to the north housing occupiers including Marks & Spencer, Boots the Chemist, T K Maxx, Waterstones and Primark. Other nearby occupiers include NHS Wakefield District and Wakefield Job Centre Plus.

Tenure

Freehold.

Location

Miles: 10 miles south of Leeds, 24 miles north of Sheffield
Roads: A61, A642 M1 (Junction 40)
Rail: Wakefield Westgate (direct link to London Kings Cross) and Wakefield Kirkgate Railway Stations
Air: Leeds/Bradford Airport

Situation

Tenure

Freehold.

Description

The property comprises two office buildings which are fully interconnected by a fully enclosed passage. The front building is a Grade II listed traditional building arranged over four
floors. The main building is modern and arranged over three floors having access from both South Parade and George Street at first floor level. The property benefits from car parking for approximately 10 cars.

VAT

VAT is applicable to this lot.

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.

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	Reversion
(South Parade) Ground Basement First Second Third (George Street) Ground First Second	Offices Basement Offices Offices Ancillary Offices Offices Offices	45.45 sq m 60.58 sq m 58.10 sq m 47.41 sq m 24.51 sq m 206.16 sq m 202.31 sq m 199.06 sq m	(489 sq ft) (652 sq ft) (625 sq ft) (510 sq ft) (264 sq ft) (2,219 sq ft) (2,178 sq ft) (2,143 sq ft)	THE SECRETARY OF STATE FOR COMMUNITIES AND LOCAL GOVERNMENT	5 years from 29/09/2017 (1) on a full repairing and insuring lease	£96,000 (2)	28/09/2022
Totals		843.58 sq m	(9,080 sq ft)			£96,000 (2)

(1) The current lease is for a term of 2 years from 29th September 2015 expiring on 28th September 2017. A reversionary lease has recently completed for a term of 5 years from 29th September 2017. The new lease provides for a tenant option to determine on 28th September 2020. If the tenant does not operate the break clause in 2020 then the tenant will benefit from a 3 month rent free period from 29th September 2020.
(2) The tenant will benefit from a rent free period of six months from 29th September 2017 until 28th March 2018. The seller has agreed to adjust the completion monies so that the property will effectively produce £96,000 per annum from completion of the sale until the end of the rent free period on 28th March 2018.