Offers over
£325,000
(£139.31/sq. ft)
Property for sale20 & 22, St Michael's Road, Leeds LS6
2,333 sq. ft
Freehold
About this property
Excellent access to the A660
Modern two-storey office buliding
Description
The property comprises a modern office unit extending to 2,333 sq ft NIA. The property benefits from modern internal decorations, LED lighting and welfare office facilities. Externally there are 8 car parking spaces.
Location
The property is situated in the heart of Headingley, approximately 2.5 miles north-west of Leeds city centre, just off Otley Road (A660), a key arterial route providing direct access into the city. Headingley is a well-established and popular suburb within Leeds, a city of approximately 779,000 residents and the UK’s fastest-growing major city, with the largest regional economy outside London and a leading education hub supporting over 65,000 students across five universities, including Leeds Beckett University.
The area benefits from a strong residential and student population, a catchment of over 7 million people within a 60-minute drive, and excellent connectivity via the A660, Headingley and Burley Park railway stations, with Leeds Bradford Airport located approximately five miles away.
The property is within walking distance of Headingley district centre, offering a wide range of shops, cafés, bars, and restaurants, and is close to major occupiers including Sainsbury’s, Morrisons, Boots, McDonald’s, and Premier Inn, as well as Headingley Stadium and Beckett Park, which provide extensive sporting and recreational facilities.
The surrounding area comprises a mix of traditional terraced housing and student accommodation, creating a vibrant and established community, while Leeds itself offers strong regional and national transport links to Manchester, York, and Sheffield, with fast rail services from Leeds railway station.
Tenancy
The property is leased in its entirety to the established tenant mtech it (Leeds). The tenant has been in occupation since 1st April 2015. The lease was renewed on 13th February 2023 for a further seven-year term, expiring on 12 February 2030. The current passing rent is £29,120 per annum which reflects a very low rate of £12.48 per sq ft. Rent is paid quarterly in advance and there is an rpi rent review due on 31st October 2026. Assuming 3% growth, the rent will increase to c. £30,900 pa providing an estimated reversionary yield of 9.18%. The lease is drawn up on full repairing and insuring terms and is not subject to a schedule of condition.
Proposal
We are instructed to seek offers in excess of £325,000 (Three Hundred Twenty Five Thousand) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 8.65%, assuming purchaser’s costs 3.57% and a very low capital value of £139.30 per sq ft.
The property comprises a modern office unit extending to 2,333 sq ft NIA. The property benefits from modern internal decorations, LED lighting and welfare office facilities. Externally there are 8 car parking spaces.
Location
The property is situated in the heart of Headingley, approximately 2.5 miles north-west of Leeds city centre, just off Otley Road (A660), a key arterial route providing direct access into the city. Headingley is a well-established and popular suburb within Leeds, a city of approximately 779,000 residents and the UK’s fastest-growing major city, with the largest regional economy outside London and a leading education hub supporting over 65,000 students across five universities, including Leeds Beckett University.
The area benefits from a strong residential and student population, a catchment of over 7 million people within a 60-minute drive, and excellent connectivity via the A660, Headingley and Burley Park railway stations, with Leeds Bradford Airport located approximately five miles away.
The property is within walking distance of Headingley district centre, offering a wide range of shops, cafés, bars, and restaurants, and is close to major occupiers including Sainsbury’s, Morrisons, Boots, McDonald’s, and Premier Inn, as well as Headingley Stadium and Beckett Park, which provide extensive sporting and recreational facilities.
The surrounding area comprises a mix of traditional terraced housing and student accommodation, creating a vibrant and established community, while Leeds itself offers strong regional and national transport links to Manchester, York, and Sheffield, with fast rail services from Leeds railway station.
Tenancy
The property is leased in its entirety to the established tenant mtech it (Leeds). The tenant has been in occupation since 1st April 2015. The lease was renewed on 13th February 2023 for a further seven-year term, expiring on 12 February 2030. The current passing rent is £29,120 per annum which reflects a very low rate of £12.48 per sq ft. Rent is paid quarterly in advance and there is an rpi rent review due on 31st October 2026. Assuming 3% growth, the rent will increase to c. £30,900 pa providing an estimated reversionary yield of 9.18%. The lease is drawn up on full repairing and insuring terms and is not subject to a schedule of condition.
Proposal
We are instructed to seek offers in excess of £325,000 (Three Hundred Twenty Five Thousand) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 8.65%, assuming purchaser’s costs 3.57% and a very low capital value of £139.30 per sq ft.
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£1,625 per month
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