Investment Property For Sale in Leeds

SUBSTANTIAL COMMERCIAL INVESTMENT PROPERTY in Leeds for Sale.

Freehold commercial investment with a long established tenant operating a well-known fish and chip takeaway from the ground floor shop. The tenancy includes two-bedroomed, fully self-contained accommodation on first floor and attic. Highly prominent, end of parade property on the busy A64 between Killingbeck and Crossgates, approximately five miles from Leeds city centre. The property is in a parade of shops and businesses and neighbours a Halfords site and Kwik Fit, amongst other commerce and industry. The property is tenanted by way of a secure 12 year lease from 14 August 2018, with rent reviews every third anniversary. As far as we are aware, no rent review was actually undertaken at the review date in 2021. Next review is scheduled to be undertaken by August 2024. The current rent return is £21,000 per annum. Much of the internal shop fixtures, fittings and comprehensive range of commercial catering equipment remain the property of the landlord and form part of the rent being paid by the tenant. The tenant is contractually responsible for the repairs and / or replacement of said equipment and fixtures, as well as the upkeep, maintenance, repair and fully insuring of all parts of the building, both internally and externally. An inventory of the fixtures and equipment owned by the landlord is available. Based on the asking price, the property currently equates to a 7.5% per annum return on capital invested, however this is set to rise, given that a rent review was not initiated in 2021 and a further rent review is due in the summer 2024.
Two storey, end of parade property with internal area of approximately 200 sq m (2,150 sq ft)
Ground floor: Fish and chip sales shop, two storerooms and managers office. The building had a ground floor extension to the rear to provide additional utility areas including a wet food prep area, additional store and staff WC.
First Floor: Double bedroom, good size lounge, bathroom with WC, fully fitted modern kitchen.
Attic floor: Bedroom with dormer window. Box room / single bedroom. EPC Band C.