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Trinity Square 58-63 Boar Ln 29,279 SF 94% Leased Retail Building Leeds LS1 6HW $8,889,008 ($303.60/SF) 8.21% Cap Rate
INVESTMENT HIGHLIGHTS
- Located on a prominent position on one of Leeds main throughfares
- Income generating property
- Located adjacent to the Leeds Shopping Centre.
EXECUTIVE SUMMARY
100% let to 6 tenants, including the strong national covenants of Sainsbury’s and Caffé Nero.
Attractive WAULT of 6.52 years to expiry and 5.30 years to break.
Current passing rent of £583,364 per annum, reflecting a low average rent of £19.92 per sq ft.
A purchase at this level would reflect the following profile, assuming purchasers’ costs of 6.64%:
• Net Initial Yield: 8.21%
• Equivalent Yield: 8.91%
• Reversionary Yield: 9.36%
The property is held predominantly freehold, with a small section of long leasehold. The section of long leasehold relates to an access ramp which the tenants have the benefit of using for deliveries. The long leasehold was entered into on 7th August 2013 and expires on 30th December 3004 at a peppercorn rent. The freeholder of this section is Land Securities.
The property does not currently have a formal service charge however all leases have provisions to recover reasonable expenditure and there are no caps in place. The current arrangement is for the landlord to pay for all costs and recharge the tenants at the end of each financial quarter. More information is available upon request.
Attractive WAULT of 6.52 years to expiry and 5.30 years to break.
Current passing rent of £583,364 per annum, reflecting a low average rent of £19.92 per sq ft.
A purchase at this level would reflect the following profile, assuming purchasers’ costs of 6.64%:
• Net Initial Yield: 8.21%
• Equivalent Yield: 8.91%
• Reversionary Yield: 9.36%
The property is held predominantly freehold, with a small section of long leasehold. The section of long leasehold relates to an access ramp which the tenants have the benefit of using for deliveries. The long leasehold was entered into on 7th August 2013 and expires on 30th December 3004 at a peppercorn rent. The freeholder of this section is Land Securities.
The property does not currently have a formal service charge however all leases have provisions to recover reasonable expenditure and there are no caps in place. The current arrangement is for the landlord to pay for all costs and recharge the tenants at the end of each financial quarter. More information is available upon request.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront
Building Size
29,279 SF
Building Class
B
Year Built/Renovated
1870/2012
Price
$8,889,008
Price Per SF
$303.60
Cap Rate
8.21%
NOI
$729,788
Percent Leased
94%
Tenancy
Multiple
Building Height
5 Stories
Building FAR
0.70
Lot Size
0.96 AC
Frontage
133’ on Boar Lane
AMENITIES
- Bus Line
- Storage Space
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
The unit is arranged over ground and first floors and is expected to be provided partially fitted. Benefits from an extensive and prominent frontage to Boar Lane.
| Space | Size | Space Use | Position | Available |
| 61 | 1,629 SF | Retail | In-Line | Now |
61
| Size |
| 1,629 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
61
| Size | 1,629 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
The unit is arranged over ground and first floors and is expected to be provided partially fitted. Benefits from an extensive and prominent frontage to Boar Lane.
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Trinity Square | 58-63 Boar Ln
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