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LEEDS 36-38 ALBION STREETLong-let, prime high street bank investment

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INVESTMENT SUMMARY• Leeds is the commercial and financial

centre for Yorkshire

• Rare opportunity to acquire a prime, well-let city centre retail investment

• Prime retail pitch on Albion Street

• Adjacent to a principle entrance to Trinity Leeds

• Minimum 9.75 years secure income to the undoubted covenant of Nationwide Building Society

• Re-geared lease at £300,000 per annum (£152 ZA)

PROPOSALOffers sought in excess of

£4,880,000 reflecting a

net initial yield of 5.75%. Subject to contract and exclusive of VAT. Yields are net of purchaser’s costs of 6.59%.

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LOCATION & DEMOGRAPHICSLeeds is the principal commercial and financial centre for Yorkshire and a major city in the north. The city is located 44 miles (71 km) north east of Manchester, 24 miles (39 km) south west of York and 33 miles (53 km) north of Sheffield.

M4

M4

M3M23

M5

M5

M25

M25

M11

M1

M1

M1 M18

M62

M62 A1(M)

A1(M)

M180

M45

M42

M6

M6

M6

M69

A1 (M)

A1 (M)

M40

M5

Bolton

Ammanford

Swansea

CardiffBristol

Plymouth

Bournemouth

Portsmouth

Southampton

Brighton

London

Birmingham

Liverpool

Gloucester

Oxford

Swindon

Bath

Exeter

Newquay

Poole

Weston-super-mare WokingBasingstoke

Peterborough

LeicesterWolverhampton

Preston

Hartlepool

Richmond

Scarborough

Barrow-in-furness

St Helens

Ellesmere Port

Chester

Wrexham

ShrewsburyTeford

Stoke-on-trentNottingham

Blackburn

Blackpool

Carlisle

NewcastleUpon Tyne

Sunderland

Durham

Middlesbrough

Lancaster

Bradford

Harrogate

Huddersfield

Leeds Hull

York

Sheffield

Reading

Luton

Cambridge

Worcester Warwick

Hereford

Coventry

Northampton

Merthyr Tydfil

Lincoln

Scunthorpe

Manchester

The city benefits from excellent road communications with the M1, A1(M) and M62 connecting the city with the wider national motorway network and providing direct roads to London, to the south, Manchester and Liverpool, to the west, and Newcastle in the north.

Regular rail services operate between Leeds Station to London Kings Cross (2 hours 11 minutes), Edinburgh (3 hours 10 minutes) and York (25 mins) respectively.

Leeds Bradford Airport is located 9 miles north-west of the city providing flights to over 70 international destination catering for over 3 million passengers a year. This figure is expected to triple by 2023 with an estimated £28 million currently being invested towards improving airport infrastructure.

CATCHMENT

COMMUNICATION

660,000 PEOPLE

CONSIDER LEEDS AS THEIR MAIN SHOPPING DESTINATION

1,057,000 PEOPLE

PRIMARY CATCHMENT POPULATION

4TH

RANKED UKVOLUME OF TOTAL SPEND

AVAILABLE TO CATCHMENT

25 MILLION

TOURIST VISITORS PER ANNUM (P

RO

MIS

)

£13 BILLION

BIGGEST BANKING SECTOR OUTSIDE OF LONDON

4TH

RANKED UKSHOPPING DESTINATION

4TH

BIGGESTSTUDENT POPULATION

IN THE UK

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RETAILING IN LEEDSLeeds is currently ranked as the fourth best shopping destination in the UK. The traditional prime pitch is Briggate, the pedestrianised thoroughfare and is anchored by large national retailers such as Marks & Spencer, JD Sports and Harvey Nichols. Commercial Street is another pedestrianised thoroughfare that links directly off Briggate, with the street benefiting from some of the strongest footfall levels in the city, and acting as the arterial route for the city’s estimated 109,000 office working population into the central retail area.

Occupiers on Albion Street include Kiko, Timberland and Wasabi. One of the main entrances to Trinity Leeds shopping is located directly adjacent to the subject property. Trinity Leeds is a Land Securities development and opened in 2013, providing over 1,000,000 sq ft of retailing space and anchored by Marks & Spencer and Topshop/Topman stores. The development has also attracted a number of retailers who had not previously occupied space in Leeds, including Hollister and Victoria’s Secret. The scheme is located in the heart of Leeds’ retail pitch and links together the busiest shopping routes of Commercial Street, Briggate, Albion Street and Boar Lane.

Victoria Gate was developed by Hammerson and opened in October 2016. It is anchored by John Lewis with other tenants including Nespresso, Anthropologie and Calvin Klein. The scheme also has a leisure offering including the D&D run Issho and East 59th, Cau and Victoria Gate Casino in addition to an 800 space car park.

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DESCRIPTIONThe property provides Nationwide with their only branch in Leeds. The building sits in a prominent position, fronting Albion Street with a glazed double frontage. The property is arranged over basement, ground, first and second floors. The property has recently been comprehensively refurbished.

SITUATIONThe property is situated on a prime position on Albion Street, directly adjacent to a principal entrance to Trinity Leeds. Albion Street provides a busy pedestrian link between the city’s Northern Quarter (Headrow, First Direct Arena, The Light) and the prime retail core of Trinity and Commercial Street. Nearby occupiers include:

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COVENANTNationwide Building Society (D&B Rating 5A1)With over 15 million members, Nationwide is the UK’s largest building society, second largest mortgage lender and third largest provider of retail savings products. Nationwide employ over 18,000 people across 700 locations in the UK. In the year to March 2018, the building society generated a statutory profit of £977 million and holds total assets in excess of £229 billion.

Year End 4 April 2018 4 April 2017 4 April 2016

Turnover (bn) £5,267 £5,662 £5,772

Pre-Tax Profit (bn) £977 £1,054 £1,279

Net Worth (bn) £43,262 £15,224 £42,712

TENANCY

Unit Tenant AccommodationArea

(sq ft)Area

(sq m)

Annual Rent

(Zone A)Lease Start Break Option Lease End

36-38 Albion Street

Nationwide Building Society

Ground (retail)Ground (ITZA)

Basement (store)First (sales)First (store)

Second (ancillary)

2,9271,5272,7102,109

8702,806

272.0141.0251.8195.9

80.8260.7

£300,000(£152)

15/11/2018 15/11/2028(T) 14/11/2033

TOTAL 11,422 1,061.2

Commercial Street

Trinity Street ArcadeTr

inity

Str

eet

Ban

k St

reet

Albi

on S

tree

t

TENURE

Freehold

Freehold (Subject to Leasehold and lease back at a fixed rent of £1,550 pa until 29th September 2102)

For indicative purposes only

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FURTHER INFORMATION For further information please contact:

Disclaimer

Cushman & Wakefield LLP for themselves and for the vendors of this property whose agents they are, give notice that:

(1) The property information is produced in good faith, set out as a general guide only and does not constitute any part of a contract. (2) No person in the employment of the agents has any authority to make or give any representation or warranty whatever in relation to this property. (3) This property is offered subject to contract and, unless otherwise stated, all rents are quoted exclusive of VAT. (4) Nothing within this information should be deemed to be a statement that the property is in good condition or that any services or facilities are in working order.

Designed and produced by Parer Creative. Tel 07702 123482. January 2019.

Andrew Marshall+44 (0) 207 152 5073andrew.p.marshall@cushwake.com

Fraser Ramage+44 (0) 207 152 5963fraser.ramage@cushwake.com

Jacques Esterhuizen+44 (0) 113 233 7484jacques.esterhuizen@cushwake.com

43/45 Portman Square, London W1A 3BG

EPCEPC rating – D.

VATThe property has been elected for VAT. We anticipate that the transaction will be treated as a Transfer of a Going Concern (TOGC).

PROPOSALOffers sought in excess of £4,880,000,reflecting a net initial yield of 5.75%. Subject to contract and exclusive of VAT. Yields are net of purchaser’s costs of 6.59%