| Property Type |
Offices |
| Tenure |
For Sale |
| Size |
31,521 sq ft |
| Price |
Offers in excess of £4,000,000 Reflecting a low capital value of £127 per sq ft & a Net Initial Yield of 6.93% with a potential Reversionary Yield of 17.50% (based on our ERVs fully let as existing) assuming usual purchasers costs of 6.5%. |
| Energy Performance Rating |
This property has been graded as B |
RARE FREEHOLD MIXED-USE INVESTMENT / DEVELOPMENT OPPORTUNITY (STP)
Key Points
- Freehold Interest
- 31,521 NIA
- Secure basement car parking - 10x spaces
- 4x fully let ground floor units extending to 9,282 sq ft generating £220,000 pax
- Specsavers occupy 6,252 sq ft on a lease expiring in March 2029 (no break) at £110,000 per annum.
- 3x retail units 950 – 1,150 sq ft let to Amplifon, A-One Nail & Spa & VPZ.
- 6x upper floors of office space extending to 22,239 sq ft NIA.
- 1st floor large footprint podium fitted & furnished as 5x studio ‘Let Ready’ workspaces totalling 5,014 sq ft (NIA).
- Rare 2nd floor large footprint roof terrace.
- 2 – 6 floors all circa 3,445 sq ft highly efficient rectangular column free single floors with natural light on both sides (part fitted with kitchen/meeting rooms).
- Office passing rent (gross) £123,330 pax across 2x studio tenants with TOB Feb 26 (net rent estimate £73,512.40 pax).
- Combined Total Office & Retail Net Income: £295,262.40 pax.
- Current Quoting Rents: £18.50 psf on upper floors & £60.00 psf on fitted spaces.
- Strategic office repositioning opportunity also suitable for a wide range of uses (STP) including boutique hotel / serviced apartments / student residential.
- Residential conversion feasibility study undertaken demonstrating approx. 5x units per floor (total 30).
- WAULT 3.91 years (expiry)
Description
84 Albion Street comprises a prominent 7 storey landmark mixed use building, strategically positioned at the heart of Leeds city centre on one of its best known and high footfall streets.
The building boasts 22,284 sq ft of high-quality modern workspace across 6x upper floors including 5x fully fitted & furnished suites on the 1st floor podium level delivered in 2021.
The building has extensive frontage onto Albion Street with 4x retail units and a dedicated basement car park accessed to the rear via King Charles Street.
Location
Leeds serves as the principal commercial hub of West Yorkshire, situated around 40 miles east of Manchester, 196 miles north of London, and 62 miles west of Hull.
The wider Leeds City Region boasts an economy valued at £64.4 billion and a population of roughly 3 million. It is the UK’s third-largest employment centre outside London and is home to a substantial student population - many of whom choose to remain in the city after graduation.
84 Albion Street occupies a prominent position in the heart of Leeds City Centre. The property benefits from close proximity to a wealth of amenities, including gyms, restaurants, and bars, and is within easy reach of the renowned Trinity Leeds shopping centre.
The surrounding area comprises several key city centre office buildings such as Pinnacle, Broadgate, 7 Park Row, 8 Park Row, 34 Boar Lane, Ambler House, and City Exchange.
Leeds Train Station lies just a short walk to the south, while Leeds Bus Station is within easy walking distance to the east. King Charles Street provides convenient access from The Headrow to the building’s basement car parking.
