Shipley Wharf, Wharf Street, Shipley, Leeds, BD17 7DW
Guide Price* : £800,000
- Multi-Let Office Investment
- Producing £135,575 per annum
- Asset Management Potential
- Development Potential (Subject to Planning)
- Let on six leases with a WAULT of 1.79 years to expiry
- Guide Price of £800,000 reflects an attractive Net Initial Yield of 16.11%
The property comprises a Grade II Listed canal side office building of 28,154 sq ft arranged over lower ground, ground and first floors, with external and lower ground level car parks. The property is split into five blocks and is currently let on 6 separate leases, with a vacant suite of 2,864 sq ft. The property is divided by three atria which provide access to the office suites at both ground and first floor levels, allowing for easy sub-division. One of the atria includes a staircase leading to the canalside and provides access to two of the suites, used as a restaurant and an activity centre respectively.
Block A is wholly let to Wharf Street Studios, who use part of the space fronting the atrium as a cafe, with the rest being used by local artisans for various craft based businesses. The first floor is used as an office and co-working space.
Block B is predominantly occupied by Radio Design Limited, but two suites by the canalside are occupied by other tenants. Radio Design also occupy the entirety of Block C and the ground floor of Block D. This tenant therefore enjoys exclusive use of one of the atria.
The first floor of Block D is occupied by Slipstream Engineering Design Limited, whilst Block E is occupied by TSC Engineering Limited at ground floor level. The first floor of Block E comprises the only vacant space within the building.
JAMES, the tenant of part of Block B, the yard and former mess office, also has mooring rights under a separate agreement to their property lease. The moorings do not form part of the sale.
The property presents multiple opportunities including asset management by regearing existing leases, however we also consider (subject to planning) that there are numerous development opportunities, including a full conversion to alternative uses, but also more limited repositioning of the site to provide more diverse accommodation (conversion of the canalside units to provide further leisure accommodation).
Please see the legal pack for the Special Conditions regarding this sale.
The property is located in Shipley, a historic market town on the outskirts of the City of Bradford.
The property is situated in the centre of Shipley on the banks of the Leeds & Liverpool Canal, a historic 200 year-old waterway, now popular with tourists and walkers.
The Market Square in the centre of Shipley is within five minutes walking distance. This is the principal retail and leisure pitch in the town. The property is also in close proximity to the Saltaire UNESCO World Heritage Site, a popular tourist destination.
Shipley has seen several large scale residential developments in recent years, most notably the former HMRC site which is set to provide approximately 300 new homes.
There are good transport links with Shipley Railway Station only a seven-minute walk away that provides direct access to Leeds in 18 minutes. Additionally, the A650 is nearby providing easy access into the centre of Bradford. Furthermore the M62 is approximately eight miles away, providing access to Liverpool, Manchester and Leeds, as well as the M1 and A1(M) motorways.
Long Leasehold - See Legal Pack for More Information
Please see the Tenancy Schedule provided under "Related Documents"
Refer to the legal documentation
0113 245 9393
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. 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.
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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.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton December 2023
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.
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