Central House, 47 St Pauls Street, Leeds, LS1 2TE

Central House is a prime, fully refurbished multi-let city centre office investment located on St Paul's Street in the heart of Leeds' central business district, within a five minute walk of Leeds Railway Station, Wellington Place and the city's retail core.

The property comprises a five-storey corner office building totalling 10,006 sq ft (NIA) arranged over ground and four upper floors, with an average suite size of 2,001 sq ft. The building was fully repositioned to a high standard in 2015, including full electrification of the core M&E and back-to-frame suite refurbishment, with the uppermost floors providing dedicated roof terraces and external balconies. Basement parking, bicycle storage and shower facilities are provided.

The property is let to four Creditsafe 'Very Low Risk' rated tenants with a WAULT of 2.88 years to expiry (1.49 years to break). A 12 month vendor rent, rates and service charge guarantee is provided over the single vacant suite. The passing rent of GBP 273,420 per annum reflects a low average of GBP 27.33 per sq ft against a proven city headline of GBP 46 per sq ft, offering strong reversionary potential.

Tenure: Freehold (title number WYK170846).

Offers are sought in excess of GBP 2,855,000 (Two Million, Eight Hundred and Fifty-Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 9.00% and a low capital value of GBP 285 per sq ft, after standard purchaser's costs of 6.43%, and reversion to 10.00%+ adopting our projected ERV.

EPC rating B. The property has been elected for VAT; it is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).

Central House occupies a prominent corner position on St Paul's Street, in the heart of Leeds' central business district and overlooking the historic legal pitch of Park Square. Leeds Railway Station, Wellington Place and City Square are all within a five minute walk, with Trinity Leeds approximately seven minutes away. Nearby occupiers include Walker Morris, Lloyds Banking Group, Pinsent Masons, DLA Piper, Eversheds, Channel 4 and PwC. Leeds benefits from direct rail services to London King's Cross (2h 15m), Manchester (52m), Birmingham New Street (1h 53m) and York (22m).