Office for salePioneer House, Woolpacks Yard, Wakefield, West Yorkshire, WF1
Offers in Excess of 6,831 sq. ft. | £760,000
- 6,831 sq ft (634 sq m)
- Use class orders: B1 Business
The property is centrally located in the fashionable Cheapside Quarter on Woolpacks Yard.
The area is predominantly occupied by professional office occupiers including Reed Family Solicitors, Switalskis Solicitors, Ramsden's Solicitors, JWP Solicitors, IFM, Wilcox and Associates, and Andrew Wright and Co Accountants.
The property is a brick built, 3 storey office building developed in the style of 19th century buildings in the locality. The building was however constructed in mid-90's and has a modern internal specification as follows:
• Full access raised floor
• Suspended ceiling with a mix of LED and LG7 lighting
• Double glazed windows
• Full air conditioning system supplemented by gas fired central heating
(ground floor only)
• 8 Person passenger lift
• DDA compliant with disabled access ramp to entrance
The property has been sub-divided by the current tenant with high quality partitioning. Due to the tenant's security requirements, a number of storage rooms have been specially reinforced to provide additional security. The property provides 10 car parking spaces with 6 spaces to the front of the building and 4 spaces to the rear.
The property is let to The Secretary of State for the Environment for 25 years from 10th August 1994 (expiring 9th August 2019).
The lease is on Full Repairing and Insuring terms at an annual rent of £79,000 per annum, exclusive.
The lease incorporates 5 yearly open market rent reviews.
The property is let to the undoubted covenant of The Secretary of State for the Environment.
The current occupier of the building is the Independent Police Complaints Commission (IPCC), who oversee the police complaints system in England and Wales, and sets the standards by which the police should handle complaints.
We understand that the property has been elected for VAT which will therefore be chargeable on the sale. It is envisaged that the transaction will be by way of a transfer of a going concern (TOGC).
We are instructed to seek offers in excess of £760,000 (Seven Hundred and Sixty Thousand Pounds).
A purchase at this level reflects a Net Initial Yield of 9.86%, assuming standard purchasers costs
A sale at this level also reflects a low capital value of £111 per sq ft.
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