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West Point, Wellington Street, Leeds, LS1 4JU

Guide price: £1,600,000.00|Auction date: 2020-04-22|Lot: -|Residential, Leisure, Flat

PROPERTY DETAILS

ADDRESSWest Point Wellington Street, Leeds, LS1 4JU
TYPEResidential, Leisure, Flat
TENUREFor Sale Leasehold
TENANCYInvestment
POSTED ON20th March 2020

DESCRIPTION

Residential Investment
Desirable City Centre Location
15 Two Bedroom Flats
Currently generating an income of £156,480 reflecting a gross yield of 9.6% on the Guide Price
DESCRIPTION
The opportunity comprises 15 flats within a wider block, which was redeveloped in 2005 to create 350 flats, all of which have been constructed in a spacious and contemporary style. Each flat has been finished to a high specification which provides two bedrooms, two bathrooms, balcony/terrace, built in appliances and video phone entry system. The approximate sizes of the flats are detailed in the table below.

The building benefits from a ground floor piazza with ground floor commercial and leisure accommodation with occupiers including Greggs, Co-operative food store as well as a range of bars, bistros and restaurants.

The flats currently generate an income of £156,480 per annum. The rent is subject to a cap under the Section 106 agreement which increases annually with RPI. We consider the maximum rent under the Section 106 to be approximately £186,000 per annum.

LOCATION
West Point is situated within Leed's West End an established residential and commercial location in the city which continues to attract investment and established commercial occupiers. The property is located approximately 500m from the core city centre and within walking distance of Leeds Railway Station and Bus Station. Wellington Street connects the A58(M) Inner Ring Road to the main core of Leeds the properties are therefore ideally situated for both access in and out of the city.

TENURE
Long Leasehold

TENANCY
The property is let on 15 separate Assured Shorthold Tenancy (AST) agreements. Please see the tenancy schedule for more information.

An agreement under S106 of the Town and Country Planning Act 1990 is in place for the 15 flats. The agreement commits the developer to provide the accommodation as affordable housing for a period of no less than 25 years from the completion of the units, or until the council can be satisfied that all reasonable endeavours have been made to dispose of the units as affordable housing.

It has not been demonstrated to the council that all reasonable endeavours have been made to dispose of the units as affordable housing; therefore the provisions of the agreement continue to apply. A copy of both the Agreement (Dated 02/08/2001) and the Deed of Variation (Dated 16/08/2004) are available in the legal pack.

PLANNING AUTHORITY
Leeds City Council - www.leeds.gov.uk

VAT
Refer to the legal documentation

ACCOMODATION

Address / Accommodation

Flat 12 - 2 bedroom
Flat 19 - 2 bedroom
Flat 117 - 2 bedroom
Flat 127 - 2 bedroom
Flat 150 - 2 bedroom
Flat 193 - 2 bedroom
Flat 194 - 2 bedroom
Flat 203 - 2 bedroom
Flat 207 - 2 bedroom
Flat 208 - 2 bedroom
Flat 209 - 2 bedroom
Flat 210 - 2 bedroom
Flat 211 - 2 bedroom
Flat 215 - 2 bedroom
Flat 218 - 2 bedroom


Address / Sq M

Flat 12 - 88.9
Flat 19 - 77.48
Flat 117 - 80.82
Flat 127 - 80.45
Flat 150 - 78.41
Flat 193 - 52.95
Flat 194 - 52.95
Flat 203 - 69.21
Flat 207 - 63.63
Flat 208 - 60.75
Flat 209 - 55.65
Flat 210 - 69.77
Flat 211 - 72.28
Flat 215 - 69.59
Flat 218 - 70.8


Address / Sq Ft

Flat 12 - 957
Flat 19 - 834
Flat 117 - 870
Flat 127 - 866
Flat 150 - 844
Flat 193 - 570
Flat 194 - 570
Flat 203 - 745
Flat 207 - 685
Flat 208 - 654
Flat 209 - 599
Flat 210 - 751
Flat 211 - 778
Flat 215 - 749
Flat 218 - 762

BIDDER AML REQUIREMENTS
For clarification, before being approved to bid, we require the following from all bidders, the documents must be certified by a solicitor who is a member of the law society and be sent from the certifiers e-mail to aarthy@574.co.uk:

• Certified copies of Government issued ID –provided by the certifying solicitor
• Proof of address from within the last three months – provided by the certifying solicitor

The certification must comply with HMRC requirements:
• a statement that the document is “Certified to be a true copy of the original seen by me” and where appropriate, “This is a true likeness of the person” from a person who is competent at document inspection and impostor detection, such as a person from a regulated industry or in a position of trust
• an official stamp of the person certifying and indication of professional status
• been signed and dated with a printed name
• the occupation and address or telephone number

If bidding as a company we will require confirmation of the company name and number and documentation from all persons with significant control.

CONTACT
Max MasonCall me 020 7198 2051

LOCATION

Location: West Point Wellington Street, Leeds, LS1 4JU

Leeds (0.3 miles)

Burley Park (1.5 miles)

Headingley (2.2 miles)

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