8 Airport West, Lancaster Way, Yeadon, Leeds

8 Airport West is a fantastic opportunity to acquire a high quality HQ out of town office investment.

The property provides a modern well specified three storey office and is located at Airport West Business Park within close proximity to Leeds Bradford International Airport and boasting excellent transport links.

Let to Romero Insurance Brokers Ltd on a 7 year lease from 23 August 2020. N.B new reversionary Lease entered into from 23 August 2027 expiring 28 April 2034 with tenant only break on 29 April 2029. The tenant has recently committed to significant capital expenditure through a cladding replacement scheme demonstrating intent to occupy beyond April 2029.

Passing rent - £125,000 pax (£10.04 psf) reflecting a 59% discount to prime office rents in the region.

The property is on a long leasehold (999 year peppercorn lease).

The property extends to 12,447 sq ft across three floors together with 40 parking spaces providing an excellent ratio of 1:311 sq ft on the office NIA. There is also the option for additional parking at competitive rates on an adjacent site which is used by the current tenant.

Romero Insurance Brokers has a very good CreditSafe score of 61B and has been in occupation for 12 years. The tenant is now part of Arthur J Gallagher PLC, a blue-chip company and one of the world's largest insurance brokers with profit of c. $2bn+ annually demonstrating a successful and stable business.

The property has an EPC rating of C - 52

The property is on the market for offers in excess of £1,000,000 (One Million Pounds) subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 11.82%, allowing for 5.75% purchase costs, and a low capital value of £80 per sq ft.