Leeds is the third largest city in the UK with a population of 779,000 and benefits from a large, young and diverse workforce, with an estimated working population of 516,000
The wider Leeds City Region has a population of 3 million and offers a highly skilled workforce of 1.4 million people, with 7 million people within an hour's drive.
Leeds is the UK's fastest growing city, with an economy estimated to be worth £21.3 billion, growing by 34% in the last decade and predicted to grow by a further 21% in the next 10 years. Leeds is the driving force behind the wider city region's economy, which is worth over £69.6 billion and is the largest contributor to UK GDP in the Northern Powerhouse.
Leeds is recognised as the largest hub for financial and legal services outside of London, employing 46,000 people across the professional services sector.
It is also a leader in digital technologies, manufacturing and healthcare & innovation.
In 2020 the Leeds tech sector attracted over £31m in venture capital investment, which is more than the previous year despite the impacts of the Covid-19 pandemic; Leeds was ranked the top of the UK Tech Town Index in 2020.
The city has a very high student retention rate providing an excellent pool of skilled labour. Leeds was recently ranked the best place to live in the north of England in the PwC-Demos Good Growth for Cities Index.
Leeds City Region benefits from excellent access to several of the UK's highest capacity and most strategic roads, including the M1, A1(M) and M62.
23 Butts Court lies within a 10-minute drive of the motorway network, located just 1 mile north of Junction 3 of the M62 providing direct access to the M62, and 3.5 miles from Junction 45 of the M1 motorway.
Leeds Bradford Airport is the largest airport in Yorkshire, located 7 miles north west of Leeds City Centre, it provides international and domestic flights to over 50 destinations.
Leeds railway station is the third busiest station in the UK outside of London, and the busiest in the north of England, welcoming over 31 million passengers every year.
The planned eastern leg of HS2, the planned high-speed rail link is expected to arrive in Leeds. This will unlock much needed capacity and bring reduced journey times to London and Birmingham of 82 and 57 minutes respectively.
The property comprises a modern office building, formed by two adjoining period
buildings, creating open plan accommodation over first, second and third floors, with
reception at ground floor and plant room to forth floor (both of which are subject to the PDR application).
There is also separate retail accommodation sold off on a long leasehold on the ground floor, which fronts onto Albion Street.
The main entrance for the office accommodation is accessed via Butts Court. Four secure tandem parking spaces are also accessed from Butts Court via two separate roller shutter doors.
The property is held Freehold
The property is currently let to Leeds Building Society on Full Repairing and Insuring terms, with a lease expiring on 30 March 2024, with a tenant only break on 24 March 2022. The current passing rent is £177,951 per annum.
The tenant has served notice to exercise their break option and the tenant intends to vacate the property in March next year.
The property is VAT elected and VAT will therefore be payable upon the purchase price. It is anticipated that the sale can be treated as the Transfer of a Going Concern (TOGC).
Offers are sought in excess of £1,850,000 (One Million Eight Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 9.05% assuming standard purchaser's costs of 6.23% and a low capital value of £146 per sq ft.