Leeds is a key city in the ‘Northern Powerhouse’ with a £64.6 billion economy.
The property serves a large catchment with some 400,000 people residing within 15 minutes.
This retail destination is anchored by an 80,000 sq ft Morrisons and associated petrol station, together with adjoining Matalan, Boots and a new 12,000 sq ft extension, under offer.
Modern purpose built unit of 32,211 sq ft, let to the 5A1 covenant of B&M Retail Limited.
Open A1 consent, including food.
To be sold by way of a sale and leaseback, with a new full repairing and insuring lease for 20 years with 5 yearly upwards only rent reviews, capped at 12% (2.3% per annum).
Affordable rent of £13.50 per sq ft, £435,94 per annum.
We are instructed to seek offers in the region of £6,290,000 (Six Million, Two Hundred and Ninety Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 6.50% (assuming purchaser’s costs of 6.63%).