Comprises two modern and attractive office buildings adjacent to well established mixed use industrial and office park
Tenants include Vaillant Group UK Limited and Northern Powerhouse Developments Limited
Approximately 0.29 hectares (0.71 acres) with low site coverage of approximately 19%
Residential Potential (subject to consents)
Lot 6
Auction 13th July 2017
Rent £92,250 per Annum Exclusive
Status Sold
Price £880,000
Sector Office
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Legal & General
Property Information
Location
Miles
18 miles south-west of Leeds, 26 miles north-east of Manchester
Roads
M62, A629
Rail
Brighouse Railway Station
Air
Leeds Bradford Airport
Situation
Lowfields Business Park is a well established and busy mixed use industrial and office park located some 18 miles south-west of Leeds, between Halifax and Huddersfield, and with excellent access to junction 24 of the M62 motorway. The property is situated on the north side of Elland Riorges Link, at its roundabout junction with Lowfields Way. This property is situated to the south of the mainline railway, which separates the site from the main business park. The neighbouring property uses are residential.
Tenure
Freehold.
Location
Miles
18 miles south-west of Leeds, 26 miles north-east of Manchester
Roads
M62, A629
Rail
Brighouse Railway Station
Air
Leeds Bradford Airport
Situation
Lowfields Business Park is a well established and busy mixed use industrial and office park located some 18 miles south-west of Leeds, between Halifax and Huddersfield, and with excellent access to junction 24 of the M62 motorway. The property is situated on the north side of Elland Riorges Link, at its roundabout junction with Lowfields Way. This property is situated to the south of the mainline railway, which separates the site from the main business park. The neighbouring property uses are residential.
Tenure
Freehold.
Description
The property comprises a level and regular shaped site of approximately 0.29 hectares (0.71 acres) with a low site coverage of approximately 19% and upon which there are two modern and attractive two storey office buildings with surface car parking for 39 cars, with a good office to car parking ratio of 1:200. The property may benefit from longer term residential potential (subject to consents).
VAT
VAT is applicable to this lot.
Note
During the printing process for the printed Auction catalogue, the Lot numbers for lots 6 and 15 have been inadvertently transposed. We have now amended the property details on the Acuitus website to correctly show Units D1 and D2 as Lot 6 and Units A1, A2, A4 and Elant House as Lot 15.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a level and regular shaped site of approximately 0.29 hectares (0.71 acres) with a low site coverage of approximately 19% and upon which there are two modern and attractive two storey office buildings with surface car parking for 39 cars, with a good office to car parking ratio of 1:200. The property may benefit from longer term residential potential (subject to consents).
VAT
VAT is applicable to this lot.
Note
During the printing process for the printed Auction catalogue, the Lot numbers for lots 6 and 15 have been inadvertently transposed. We have now amended the property details on the Acuitus website to correctly show Units D1 and D2 as Lot 6 and Units A1, A2, A4 and Elant House as Lot 15.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
D1
Ground First
Office Office
213.91 sq m 221.85 sq m
(2,303 sq ft) (2,388 sq ft)
VAILLANT GROUP UK LIMITED (1)
10 years from 29/09/2016 (2)
£55,000
28/09/2026
D2
Ground First
Office Office
143.75 sq m 146.47 sq m
(1,547 sq ft) (1,576 sq ft )
NORTHERN POWERHOUSE DEVELOPMENTS LTD
5 years from 21/11/2016
£37,250 (3)
20/11/2021
Total
725.98 sq m
(7,814 sq ft)
£92,250
(1) For the year ending 31st December 2015, Vaillant Group UK Limitied reported a turnover of £296,281,000, pre-tax profits of £12,017,000 and a total net worth of £51,101,000 (Source: www.riskdisk.com 08/06/2017). (2) The lease provides for a tenant option to determine the lease on 28/09/2021. (3) As to Unit D2, the lease provides for a rent free period until May 2018. The seller will pay the buyer the rent that would have been due in the absence of the rent free period. Therefore the property will effectively produce £37,250 per annum exclusive from completion of the sale. The seller is holding a £22,350 rent deposit.
