13-14 Park Place, Leeds, LS1 2SJ

Park Place is a prime, Grade II Listed multi-let office investment located in the core of Leeds' legal and professional services quarter, within a five minute walk of Leeds Railway Station, Wellington Place and the city's retail core.

The property comprises a Grade II Listed late-Georgian end-terrace office building of traditional construction, arranged over four floors and totalling 5,858 sq ft (NIA), with a range of suite sizes between 302 and 1,413 sq ft. It was comprehensively refurbished in the mid-2010s, retaining and restoring key period features (including timber panelling, oak trusses and decorative plasterwork) whilst introducing all-electric M&E and LED lighting throughout. Four external car parking spaces are provided within a secure rear yard.

The property is 100% let across eight tenants, providing well-diversified income with no single tenant contributing more than approximately 26% of the rent roll. Total rent passing is £107,188 per annum, reflecting a low average of £17.12 per sq ft.

Tenure: Freehold (title number WYK409543).

Offers are sought in excess of £1,013,000 (One Million and Thirteen Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 10.00% and a low capital value of £173 per sq ft, after standard purchaser's costs of 5.76%, and is fully supported by vacant possession values.

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).

Park Place is positioned at the heart of Leeds' central business district, immediately south of Park Square, the city's traditional Georgian legal pitch. The building forms part of a continuous terrace of period office accommodation, with Leeds Railway Station, Wellington Place and City Square all within a five minute walk and Trinity Leeds around seven minutes away. Nearby occupiers include Walker Morris, DLA Piper, Eversheds, Pinsent Masons, Schofield Sweeney and Addleshaw Goddard. Leeds benefits from direct rail services to London King's Cross (2h 15m), Manchester (52m), Birmingham New Street (1h 53m) and York (22m).