23 Butts Court

Leeds LS1 6AG

Overview

  • Freehold
  • Attractive and modern office building located within the heart of Leeds City Centre
  • Self-contained access from Butts Court with an additional entrance from Albion Street
  • Extending to 12,657 sq ft (
  • Let to Leeds Building Society, subject to a tenant only break on 24 March 2022 (tenant has served notice to operate this break)
  • Current passing rent of £177,951 per annum
  • The property benefits from two Permitted Development approvals 21 & 23 apartments)
  • Opportunity suitable for developers, investors and owner occupiers
  • 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
  • Low capital value of 146 per sq ft

Location

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.

Road
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.

Air
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.

Rail
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.

HS2
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.

Situation

23 Butts Court is situated within the core of Leeds City Centre. Butts Court provides a quiet no-through road with very little vehicular traffic. Albion Street lies to the east side of the property; it is a busy thoroughfare from Boar Lane and the station to the south of the centre up towards the Headrow which runs across the north of the centre.

Albion Street also provides access to key shopping areas such as Albion Place, Commercial Street and Trinity Leeds, which all lead to the prime pitch of Briggate.

Park Row lies parallel to Butts Court, a short distance to the west Park Row and the surrounding area is home to some of the key leisure occupiers in Leeds, such as Gaucho, Arc Inspirations, Neighbourhood, Sukothai San Carlo and Flight Club.

Description

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.

Accommodation

A schedule of accommodation can be found within the link below.

We have been provided with the following areas of the building. Note that the GIA excludes staircases.

PDR Consent Residential 21 & 23 apartments)

The property benefits from two PD application approvals:

  • (Ref 20/08420/DPD) under permitted development rights for change of use from Offices (B1(a)) to 21 Apartments (C3); a mixture of studio and one bed apartments, plus two resident's lounges on the 2nd floor.
  • (Ref 20/00793/DPD) under permitted development rights for change of use from Offices (B1(a)) to 23 Apartments (C3); a mixture of studio and one bed apartments, plus one resident's lounge on the 2nd floor.
Further details of the planning consent can be found on the Leeds City Council Planning Portal.


Tenure

The property is held Freehold

Tenancy

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.

VAT

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).

EPC

C-73. A copy is available upon request.

Data Room

Please contact Cushman & Wakefield directly for data room access.

Proposal

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.

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NET INITIAL YIELD:
9.05%
PRICE:
£1,850,000
REGISTER INTEREST
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