Leeds business park hits the market with £20m guide price
Knight Frank has been instructed to market Lawnswood Business Park in Leeds, with the multi-let office estate comrpising around 150,000 sq ft of office accommodation across a nine-acre site.
The business park was acquired by Hillview Group in 2019 for £26.475m.
Currently 81% occupied by 17 tenants ranging from local businesses to national and international occupiers, the park consists of eight separare buildings and generates a total passing rent of £2.68m per year.
Knight Frank estimates an achievable rental value of £3.49m based on an estimated rental level of £24 per sq ft.
According to the marketing particulars, the asset has a weighted average unexpired lease term of 3.6 years to tenant break and 4.2 years to lease expiry.
Current average rents across the estate stand at £17.31 per sq ft, including parking, which compares favourably with headline rents of around £52.50 per sq ft in Leeds city centre and approximately £30 per sq ft for out-of-town office space, indicating potential for future rental growth.
The guide price of £20m reflects a net initial yield of 12.34%.
Lawnswood Business Park is located in north Leeds and has an established occupier base, with the sale presenting an opportunity for investors seeking value-add asset management potential through leasing activity and rental reversion.
