Coach Works comprises two self-contained office buildings, The Coach Works 1 (CW1) and The Coach Works 2 (CW2), arranged around a shared gated car park within a prominent Leeds city centre site of 1.05 acres.
Originally constructed in the mid-1990s, the buildings are of steel frame construction with red-brick elevations beneath distinctive decorative gables incorporating arched feature windows. Internally, the accommodation is arranged over ground and upper floors, providing flexible office accommodation across a range of suite sizes.
The property was comprehensively repositioned in 2020 through a £2.5 million refurbishment programme, incorporating a new entrance and reception together with replacement core M&E infrastructure. The refurbishment has enhanced the quality of the accommodation whilst retaining the character of the original buildings.
ACCOMMODATION (NIA)
CW1 - Ground Floor 2,960 sq ft; 1st Floor 3,304 sq ft; 2nd Floor 3,294 sq ft; 3rd Floor 3,304 sq ft (sub-total 12,862 sq ft).
CW2 - Ground Floor 8,551 sq ft; 1st Floor 9,890 sq ft; 2nd Floor 9,818 sq ft (sub-total 28,259 sq ft).
Total - 41,121 sq ft.
SPECIFICATION
52 on-site car parking spaces (a parking ratio of 1:791), VRF air conditioning system, raised access flooring, LED lighting, passenger lifts, WC and shower facilities, secure cycle storage and a striking new entrance and reception. Both buildings have been assessed and provide EPC ratings of B.
TENANCY
The property is multi-let to five tenants producing a total passing rent of £535,625 per annum, reflecting a low average passing rent of £26.82 psf. The WAULT is 5.3 years to expiries (2.3 years to breaks) and 83% of income is secured against tenants rated 'minimum' or 'low' risk by Dun & Bradstreet, with 64% rated minimum risk. Occupiers span the education, technology, professional services and charitable sectors.
ASSET MANAGEMENT
The property is approximately 50% let, with four vacant suites and 41 vacant car parking spaces offering an immediate opportunity to add significant value through letting and refurbishment. The ERV is £1,337,630 per annum based on £30.00 psf and £2,000 per parking space. With its small and flexible floorplates there is a superb opportunity to introduce fully fitted ('Cat A+') space, where Leeds rents have now reached £55 psf.
SERVICE CHARGE
The current service charge budget is £250,999, reflecting £7.94 psf at CW1 and £5.22 psf at CW2. Further information is available upon request.
VAT
The property is elected for VAT and it is envisaged that the sale will be treated as a Transfer of a Going Concern (TOGC).
PROPOSAL
Offers invited. Further information, access to the data room and inspection arrangements are available through the joint agents, NorthCap and Knight Frank.
The Coach Works sits in the heart of The Calls, the historic riverside district that has become Leeds' creative quarter, set along the regenerated banks of the River Aire. The area is defined by converted nineteenth-century warehouses and an attractive blend of old and new.
The Calls offers one of the densest and most diverse independent amenity scenes in Leeds, with independent coffee houses, restaurants and riverside bars, the renowned nightlife of neighbouring Call Lane, and the Corn Exchange and Trinity Leeds retail destination all within a few minutes' walk. The Calls is a natural home for the city's creative, media, technology and professional occupiers, keeping them fully connected to the commercial core, Leeds Railway Station and the wider South Bank regeneration.
Leeds is the main commercial centre of Yorkshire, located 40 miles east of Manchester and 196 miles north of London. The city region has a £64.4bn economy, is home to approximately 3 million people and is the third largest employment centre in the UK outside of London.
CONNECTIVITY
Road - approximately 1 mile from Junction 3 of the M621 motorway, providing direct access to the M1, M62 and wider national motorway network.
Rail - Leeds Railway Station is within a 5 minute walk (0.3 miles) and provides regular direct services to London King's Cross (approximately 2 hours 15 minutes), Manchester (approximately 50 minutes) and York (approximately 25 minutes).
Bus - Leeds City Bus Station is within a 5 minute walk (0.3 miles), providing extensive local and regional services.
Air - Leeds Bradford Airport is approximately 9 miles to the north west, providing flights to over 65 destinations and currently undergoing a £100m improvement programme.
