Gibraltar House, Old Mill Business Park, Leeds, LS10 1HB

The property consists of a high quality two storey detached office property in a cul-de-sac location. The building has been split vertically and let to two tenants occupying half the building on ground and first floors.
The offices have been constructed to a modern specification with double glazing, raised floors and comfort cooling. Each floor has male and female WC’s and kitchen facilities. The layout of the property lends itself to being occupied on a floor by floor basis or vertically (as it is currently occupied).

Leeds is the most prominent city of the Yorkshire and Humber region, lying in the centre of the UK, approximately 35 miles (56.3 km) from Sheffield, 44 miles (71 km) east of Manchester and 194 miles (312 km) north of London. The city is the third largest city in the UK with a population of 810,000 people (2021 Census). It has a large and diverse occupier take-up contributing £64 billion or 5% to the UK’s economy. The location benefits from close proximity to the M621 which serves the City from the south and feeds into M1 and M62 motorways.

Gibraltar House is situated on Old Mill Business Park south of Leeds City Centre. Old Mill Business Park is mainly used for trade counter and Industrial
uses with some office users. It is at the head of Bowcliffe Road which is a cul–de-sac. The occupiers within the vicinity include Cromwell Tools, Jewson and Plumb Centre amongst others.

Offers are invited in excess of £670,000 subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 12.94% assuming a rate of £14psf across the property it shows 13.67% reversionary yield assuming graduated acquisition costs of 5.23%. This reflects a low capital value of £97 per sq ft.

The property is elected for however, is anticipated that the sale will be structured as a Transfer of a Going Concern (TOGC) in which case VAT won’t be payable.

The purchaser will need to satisfy the Anti Money Laundering policies of the sales agent and the Vendor client. This is usually two forms of identification and confirmation of the source of funding from the successful purchaser.