36-38 Albion Street

Leeds LS1 6HX

Overview

  • Leeds is the commercial and financial centre for Yorkshire
  • Rare opportunity to acquire a prime, well-let city centre retail investment
  • Prime retail pitch on Albion Street
  • Adjacent to a principal entrance to Trinity Leeds
  • Minimum 9.75 years secure income to the undoubted covenant of Nationwide Building Society
  • Re-geared lease at £300,000 per annum (£152 ZA)
Offers sought in excess of £4,880,000 reflecting a net initial yield of 5.75%.

Subject to contract and exclusive of VAT. Yields are net of purchaser's costs of 6.59%.

Location

Leeds is the principal commercial and financial centre for Yorkshire and a major city in the north. The city is located 44 miles (71 km) north east of Manchester, 24 miles (39 km) south west of York and 33 miles (53 km) north of Sheffield.

COMMUNICATION

Road
The city benefits from excellent road communications with the M1, A1(M) and M62 connecting the city with the wider national motorway network and providing direct roads to London, to the south, Manchester and Liverpool, to the west, and Newcastle in the north.

Rail
Regular rail services operate between Leeds Station to London King's Cross (2 hours 11 minutes), Edinburgh (3 hours 10 minutes) and York (25 mins) respectively.

Air
Leeds Bradford Airport is located 9 miles north-west of the city providing flights to over 70 international destinations catering for over 3 million passengers a year. This figure is expected to triple by 2023 with an estimated £28 million currently being invested towards improving airport infrastructure.

RETAILING IN LEEDS

Leeds is currently ranked as the fourth best shopping destination in the UK. The traditional prime pitch is Briggate, the pedestrianised thoroughfare and is anchored by large national retailers such as Marks & Spencer, JD Sports and Harvey Nichols. Commercial Street is another pedestrianised thoroughfare that links directly off Briggate, with the street benefiting from some of the strongest footfall levels in the city, and acting as the arterial route for the city's estimated 109,000 office working population into the central retail area.

Occupiers on Albion Street include Kiko, Timberland and Wasabi. One of the main entrances to Trinity Leeds shopping is located directly adjacent to the subject property. Trinity Leeds is a Land Securities development and opened in 2013, providing over 1,000,000 sq ft of retailing space and anchored by Marks & Spencer and Topshop/Topman stores. The development has also attracted a number of retailers who had not previously occupied space in Leeds, including Hollister and Victoria's Secret. The scheme is located in the heart of Leeds' retail pitch and links together the busiest shopping routes of Commercial Street, Briggate, Albion Street and Boar Lane.

Victoria Gate was developed by Hammerson and opened in October 2016. It is anchored by John Lewis with other tenants including Nespresso, Anthropologie and Calvin Klein. The scheme also has a leisure offering including the D&D run Issho and East 59th, Cau and Victoria Gate Casino in addition to an 800 space car park.

Situation

The property is situated on a prime position on Albion Street, directly adjacent to a principal entrance to Trinity Leeds. Albion Street provides a busy pedestrian link between the city's Northern Quarter (Headrow, First Direct Arena, The Light) and the prime retail core of Trinity and Commercial Street.
Nearby occupiers include:
  • Wasabi
  • Starbucks
  • Timberland
  • Oliver Bonas


Description

The property provides Nationwide with their only branch in Leeds. The building sits in a prominent position, fronting Albion Street with a glazed double frontage. The property is arranged over basement, ground, first and second floors. The property has recently been comprehensively refurbished.

Tenure

Freehold - Area shaded red in the situation plan

Freehold - Area shaded blue in the situation plan
(Subject to Leasehold and lease back at a fixed rent of £1,550 pa until 29th September 2102)

Tenancy

Further information can be found within the link below.


Covenant Information

Nationwide Building Society (D&B Rating 5A1)

With over 15 million members, Nationwide is the UK's largest building society, second largest mortgage lender and third largest provider of retail savings products. Nationwide employs over 18,000 people across 700 locations in the UK. In the year to March 2018, the building society generated a statutory profit of £977 million and holds total assets in excess of £229 billion.

Further information can be found within the link below.


VAT

The property has been elected for VAT. We anticipate that the transaction will be treated as a Transfer of a Going Concern (TOGC).

EPC

EPC rating D.

Proposal

Offers sought in excess of £4,880,000, reflecting a net initial yield of 5.75%.

Subject to contract and exclusive of VAT.
Yields are net of purchaser's costs of 6.59%

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NET INITIAL YIELD:
5.75%
PRICE:
£4,880,000
REGISTER INTEREST
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