West Point, Wellington Street, Leeds, LS1 4JN

Guide Price* : £1,600,000

Residential Investment of Fifteen Flats

Upon Instructions of

  • Residential Investment
  • Desirable City Centre Location
  • 15 Two Bedroom Flats
  • Currently generating an income of £156,480 reflecting a gross yield of 9.6% on the Guide Price

Description

The opportunity comprises 15 flats within a wider block, which was redeveloped in 2005 to create 350 flats, all of which have been constructed in a spacious and contemporary style. Each flat has been finished to a high specification which provides two bedrooms, two bathrooms, balcony/terrace, built in appliances and video phone entry system. The approximate sizes of the flats are detailed in the table below.

The building benefits from a ground floor piazza with ground floor commercial and leisure accommodation with occupiers including Greggs, Co-operative food store as well as a range of bars, bistros and restaurants.

The flats currently generate an income of £156,480 per annum. The rent is subject to a cap under the Section 106 agreement which increases annually with RPI. We consider the maximum rent under the Section 106 to be approximately £168,000 per annum.

Location

West Point is situated within Leed's West End an established residential and commercial location in the city which continues to attract investment and established commercial occupiers. The property is located approximately 500m from the core city centre and within walking distance of Leeds Railway Station and Bus Station. Wellington Street connects the A58(M) Inner Ring Road to the main core of Leeds the properties are therefore ideally situated for both access in and out of the city.

Tenure

Long Leasehold

Tenancy

The property is let on 15 separate Assured Shorthold Tenancy (AST) agreements. Please see the tenancy schedule for more information.

An agreement under S106 of the Town and Country Planning Act 1990 is in place for the 15 flats. The agreement commits the developer to provide the accommodation as affordable housing for a period of no less than 25 years from the completion of the units, or until the council can be satisfied that all reasonable endeavours have been made to dispose of the units as affordable housing.

It has not been demonstrated to the council that all reasonable endeavours have been made to dispose of the units as affordable housing; therefore the provisions of the agreement continue to apply. A copy of both the Agreement (Dated 02/08/2001) and the Deed of Variation (Dated 16/08/2004) are available in the legal pack.

Planning Authority

Leeds City Council - www.leeds.gov.uk

VAT

Refer to the legal documentation

Accomodation

Address Accommodation Sq M Sq Ft
Flat 12 2 bedroom 88.9 957
Flat 19 2 bedroom 77.48 834
Flat 117 2 bedroom 80.82 870
Flat 127 2 bedroom 80.45 866
Flat 150 2 bedroom 78.41 844
Flat 193 2 bedroom 52.95 570
Flat 194 2 bedroom 52.95 570
Flat 203 2 bedroom 69.21 745
Flat 207 2 bedroom 63.63 685
Flat 208 2 bedroom 60.75 654
Flat 209 2 bedroom 55.65 599
Flat 210 2 bedroom 69.77 751
Flat 211 2 bedroom 72.28 778
Flat 215 2 bedroom 69.59 749
Flat 218 2 bedroom 70.80 762

Bidder AML Requirements

For clarification, before being approved to bid, we require the following from all bidders, the documents must be certified by a solicitor who is a member of the law society and be sent from the certifiers e-mail to max@574.co.uk:

• Certified copies of Government issued ID –provided by the certifying solicitor
• Proof of address from within the last three months – provided by the certifying solicitor

The certification must comply with HMRC requirements:
• a statement that the document is “Certified to be a true copy of the original seen by me” and where appropriate, “This is a true likeness of the person” from a person who is competent at document inspection and impostor detection, such as a person from a regulated industry or in a position of trust
• an official stamp of the person certifying and indication of professional status
• been signed and dated with a printed name
• the occupation and address or telephone number

If bidding as a company we will require confirmation of the company name and number and documentation from all persons with significant control.

Contact

Vendor's solicitor

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

The auction has not yet started
Minimum Opening Bid

£1,500,000


Bidding Opens On
22nd Apr 2020 12:00
End Date

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The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Office Contact

Max Mason
07917 865 212

Vendor

Vendors Solicitor

Related Documents

Legal Documents

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Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2020

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.