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INVESTMENT SUMMARY
• Prominent main road frontage on to the A65.
• 1 mile west of Leeds City Centre.
• Lease expires May 2031 with TOB May 2026. 7 years term certain.
• Income - £73,643 per annum with OMR May 2021.
• Secured on the excellent covenant of Bright Horizons Family Solutions
Limited. D&B rating of 5A.
• Offers required in excess of £925,000 exclusive.
• Attractive net initial yield of 7.53% assuming standard purchaser’s costs.
LOCATION
Leeds is a major commercial and regional
centre located approximately 195 miles to the
north of London and 44 miles to the north east of
Manchester.
The city benefits from excellent road
communications with local road links providing
swift access to both the M1 and M62
motorways. The A1(M) which connects London
with Edinburgh passes 10 miles to the east of
the city centre. Connectivity has been further
improved with the opening of the nearby A1/M1
Link Road.
Extensive rail connections are available from
Leeds city station which is situated on the East
Coast Mainline. Regular services to London
Kings Cross are provided with a fastest journey
time of approximately two hours.
Leeds Bradford Airport is situated approximately
6 miles north of the city and provides plentiful
international and domestic flights to a variety of
destinations.
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LEEDS – 338-340 KIRKSTALL ROAD, LS4 2DS
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The property is situated approximately 1 mile west of Leeds city centre and
benefits from an extensive and prominent frontage to the A65 Kirkstall Road
which is one of the main arterial routes into the city centre. The A58(M) inner
ring road is approximately half mile to the east providing a link to the
remaining arterial routes around the city and the wider national motorway
network.
Kirkstall Road is home to a mixed commercial environment comprising of
industrial, retail, leisure and residential uses. The property is situated directly
opposite the Cardigan Fields Leisure Park which is anchored by a Vue IMAX
Cinema with other occupiers on the park including Aldi, KFC, Hollywood
Bowl, Virgin Active, Nando’s and Five Guys, etc. The property directly
adjoins Queensbury Jewellers and is one door removed from HSS Hire.
SITUATION
LEEDS – 338-340 KIRKSTALL ROAD, LS4 2DS
DESCRIPTION
The property comprises a 2-storey brick built semi-detached day nursery
beneath a pitched slate roof occupying a total site area of 0.08 hectares (0.19
acres).
Internally the property is fully fitted as a children’s day nursery with specialist
fixtures and fittings and the layout is generally cellular. To the rear of the
property there is a tarmacadam car park which benefits from 9 designated
spaces. There is a further strip of grass land behind the carpark used as an
external play area by the nursery.
ACCOMMODATION
We are advised that the property has a net internal area arranged on 2 floors,
measured in accordance with the RICS Code of Practice at 4,068 sq.ft.
(377.92 sq. m.).
The property has a rating of C69. The certificate is available upon request.
EPC
The property is let in its entirety to Bright Horizons Family
Solutions Limited (Company Number: 02328679) for a term
of 25 years from 9th May 2006 on FRI terms at a rent passing
of £73,643.59 per annum exclusive.
There are 5 yearly upward only open market rent reviews the
next of which is due in May 2021. The lease is subject to a
tenant only break option with effect from 9th May 2026 subject
to 6 months notice.
There are therefore approximately 7 years unexpired until the
break option.
Bright Horizons Family Solutions Limited are one of the UK’s largest childcare providers operating over 300 nurseries in the UK and Ireland and over 900
worldwide. They were formed in 1986 and continue to expand with recent openings in Barnes, Twickenham, Clapham, Kingston and Crouch End with
planned openings due in Woking, Greenwich, Crawley, Wandsworth and Farnham.
The most recently published annual report states that they care for over 25,000 children each week. In England, where comparative data is available from
Ofsted, they consistently out-perform their sector in terms of “Outstanding” judgements made at Inspection. Customer satisfaction levels are typically high,
currently at 96% from parents and 100% from clients.
For the year ending 31st December 2017 they reported a turnover of £182,000,000 and a pre-tax profit of £15,600,000.
They have a D&B rating of 5A indicating a tangible net worth of over £35m and a Minimum Risk indicator. Further details available on request.
Bright Horizons Family Solutions Limited is a wholly owned subsidiary of BHFS Two Limited and we understand that the company’s ultimate controlling
party is the US based Bright Horizon Family Solutions Inc.
4 LEEDS – 338-340 KIRKSTALL ROAD, LS4 2DS
TENURE
TENANT’S COVENANT
The property is held freehold.
TENANCY
MISREPRESENTATION ACT
These particulars are intended only as a guide to prospective purchasers to enable them to decide whether
to make further inquiries with a view to taking up negotiations but they are otherwise not intended to be
relied upon in any way or for any purpose whatsoever and accordingly neither their accuracy nor the
continued availability of the property is in any way guaranteed and they are furnished on the express
understanding that neither the agent nor the vendor is to be, or come, under any liability or claim in respect
of their contents. The vendor does not hereby make or give nor does any Partner or employee of Smith
Price RRG LLP have any authority to make or give any representation or warranty whatsoever as regards
the property or otherwise. Any prospective purchaser or lessee or other person in any way interested in
the property should satisfy himself by inspection or otherwise as to the correctness of each statement
contained in these particulars. In the event of the agents supplying any further information or expressing
any opinions to a prospective purchaser, whether oral or in writing, such information or expression of
opinion must be treated as given on the same basis as these particulars. These particulars do not form
part of any contract and, except where expressly otherwise stated, offers will be considered only subject to
contract.
Smith Price RRG LLP is a limited liability partnership registered in England and Wales.
Registered number: OC318959. Registered office: 5/7 John Princes Street, London W1G 0JN
FURTHER INFORMATION
For further information please contact:
SUBJECT TO CONTRACT
Bill Stephens
020 7318 5628
billstephens@sprrg.co.uk
Simon Gregory
020 7318 5626
sgregory@sprrg.co.uk
PROPOSAL
• We are instructed to seek offers in excess of £925,000 exclusive
(Nine Hundred and Twenty Five Thousand pounds) to reflect a net
initial yield of 7.53% after standard purchaser’s costs.
VAT
• The property is registered for VAT and it is anticipated that the sale
will be dealt with by way of a TOGC. (Transfer of a Going Concern).
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