91 Queen Street, Morley, Leeds, West Yorkshire, LS27 8EF

Freehold Retail Investment Opportunity

Property details

Type Investment
Tenure The property is Freehold subject to a Lease to Santander Plc for a term of 15 years from the 29th September 2008 on a full repairing and insuring Lease at a current rental of £33,500 per annum. Tenant Information For the year ended the 31st December 2019 Santander UK Plc reported a turnover of £1,112,000,000, pre-tax profit of £1,012,000,000, shareholders funds of £15,857,000,000 and a net worth of £14,091,000,000 (source Experian 14.01.2021).
Price Offers in excess of £300,000
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  • An attractive freehold investment opportunity
  • Unit underwent full refurbishment in September 2018
  • Let to Santander Plc, expiring 29/09/2023
  • Passing rent - £33,500 per annum
  • Offers in excess of £300,000 (net initial yield 10.8%) after purchasers costs
The property is prominently located lying to the eastern side of the pedestrianised Queen Street, a busy shopping area with a good mix of national and local retailers and within close proximity to Morley Indoor Market and a Morrisons food store. Morley is a popular and bustling market town located approximately 5 miles south west of Leeds city centre. Morley is a sought after commuter town with convenient train links to Leeds city centre as well as good access to the motorway network via the M62 and M1 motorways, a short distance from the property.

The property comprises an attractive two storey mid terraced building with banking accommodation on the ground floor and office space on the first floor. There is considered to be future conversion opportunities for the uppers to residential uses subject to obtaining any necessary planning permission. The property has been used for its existing use for over 30 years.

Ground floor:
Trading area - 1,179 sq ft
Ancillary - 68 sq ft
First floor:
Office space - 1,223 sq ft

Unit underwent full refurbishment in September 2018 including the installation of a new air conditioning unit.
Offers in the region of £300,000 are sought for the Freehold interest. A purchase at this level would equate to a net initial yield of 10.8% (after purchasers costs of 3.3%), based on the passing rent of £33,500 pa.
We understand that VAT is not chargeable on this transaction.
Available upon request.
Legal Costs
Each party is to be responsible for their own legal costs incurred in this transaction.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.