Let on a mixed use basis including office, leisure and retail tenants
Passing net rent is £76,820 per annum
Set over 3 floors extending to 9,179 sq ft on a Net Internal Area basis.
Situated in a prominent location just off the main retail parade in Morley, Queen Street.
Opportunity to increase rental income by simple asset management moves
A purchase at this level would reflect a NIY of 8.82% assuming purchasers’ costs of 5.53%. (Gross Yield of 9.31%)
Highly reversionary asset due to 35% vacancy rate
The 4 Ground Floor Retail Units - including a national covenant, café, Italian Restaurant and Sunbed shop all units have been fully let for the last 10 years without voids. The Retail units provide a strong, consistent income.
1st Floor - recently modernised, comprising of a mix of studio/offices, with a range of small business, including office occupiers and a range of E- Use Class tenants including therapists and a Martial Arts Club, providing a varied mix of modern users and is currently fully let. Opportunity to drive the rental income and secure longer agreements whilst the current agreement are on flexible licence terms.
2nd Floor - offers an interesting proposition for refurbishment or conversion. May be of interest to a special purchaser, providing 3,284 sq ft of leisure space:- Dancehall, community uses, clubs, events. The Dancehall has recently come vacant and requires modernising, there is letting interest from a range of occupiers. To the rear of property is a cobbled access into a Service Yard / Car Park.
