Property Details

For Sale- Office Investment Currently Let To Turner Townsend With Development Opportunities Investment Summary 1.21-acre Total Site Area 8,782 Sq Ft Grade Ii Listed Office Building 3-year Unexpired Lease Term, Let To Turner Townsend Group Ltd Current Rental Income Of £158,949 Per Annum, Reflecting £18.10 Per Square Foot Offices Recently Refurbished To A High Specification Two Additional Vacant Stone Barns With Potential For Redevelopment Planning Application Submitted For Conversion Into Residential Dwellings. Seeking Offers In Excess Of £1,450,000 For The Freehold Interest A Purchase At This Level Reflects A Net Initial Yield Of 10.34% Assuming Usual Purchaser's Costs Description The Site Comprises Of A 1.21-acre Site With Office Accommodation, Redundant Traditional Buildings And 35 Designated Car Parking Spaces Used By The Office Tenant. The Office Accommodation Comprises Of An Aisled Barn, Currently Let To Turner Townsend As Part Of Their Head Office Accommodation, . The Converted Property Is Constructed Of Coursed Squared Sandstone With Pitched Stone Slate Roof. The Refurbished Office Accommodation Is Spread Across Both The Ground Floor And Mezzanine Flooring With Multiple Kitchenettes, Wcs As Well As Shower Facilities And Breakout Rooms. Internally, The Accommodation Is Fitted With A Combination Of Both Raised Flooring And Perimeter Trunking. The Offices Are Finished To A High Standard Throughout With Carpet Tiled Flooring, Plaster Painted And Exposed Brick Walls And Fluorescent Tube And Led Strip Lighting. The Remaining Two Uninhabited Traditional Buildings Are Of Sandstone Construction With Pitched Roofs. The Buildings Offer The Potential For The Structure To Be Developed Into Further Accommodation, For Residential Or Commercial Usage. A Planning Application Has Been Submitted In January 2025. Location The Property Is Located On Low Hall Road, Horsforth On The North Side Of Leeds Ring Road In A Mixed-use Area. Surrounding Properties Include New Build Executive Housing And A Multi Let Industrial Estate. There Is Also An Adjoining Period Office Building, Which Is Owner Occupied By The Subject Property's Tenant. Horsforth Has A Local Population Of 18,895 People At The 2011 Census And Forms Part Of The Leeds Metropolitan Borough Since 1974. The West Yorkshire Village Benefits From Access To The A6120. The Property Is Located 6.7 Miles Northwest Of Leeds City Centre, 7.1 Miles East Of Bradford Centre And 10.3 Miles North Of The M62, Ensuring Connectivity To The Wider Road Network. Tenancy The Principal Building And Surrounding Car Parking Is Currently Let To Turner And Townsend Group Ltd On A Full Repairing And Insuring Lease, For A 20-year Term Expiring 24th July 2028. The Lease Has A Current Rent Of £158,949 Per Annum, Which Reflects £18.10 Per Square Foot. Turner & Townsend Have A Current Turnover Of £48,655,000 And Net Assets Of £181,447,000. They Currently Employ 259 People, And Their Head Office Is Adjoined To Low Hall Farm Barn. The Company Have An Fra Rating Of Silver, Improved From Bronze In 2023. They Also Have A Credit Rating Of 75/100. Turner & Townsend Provides Programme Management, Cost Consultancy And Project Management Services Globally. The Company Is Majority-owned By Cbre Group, Inc., The World's Largest Commercial Real Estate Services And Investment Firm, With Its Partners Holding A Significant Non-controlling Interest, Reflecting Very Strong Covenant. Development Opportunity Due To A Large Proportion Of The Site Currently Being Underdeveloped, There Is Significant Opportunities For Redevelopment. With A 3-year Unexpired Lease Term, A Potential Purchaser Has The Benefit Of This Income Whilst Preparing A Potential Redevelopment Programme. A Full And Listed Building Planning Application Was Submitted In January 2025 For The Change Of Use Of The Barns To A Dwelling Use Class C3. Proposed Plans Are Shown Below. Full Details Of The Application Can Be Inspected On Leeds Council's Planning Portal Under Application Number 25/00925/fu And 25/00926/li Tenure Freehold (wyk815643) Epc The Property Is Assessed With A D(95) Rating Expiring 03/08/2032