Lumina up for grabs at £9.1m

Scarborough Group International is looking to sell the 36,000 sq ft Leeds office building through Knight Frank.

The Thorpe Park is fully let to four tenants, with the instruction being described by the agent as “a fantastic opportunity to acquire a high quality recently constructed office asset on the premier business park in the North”.

Lumina is billed by Knight Frank as a high-tech modern office, extending to 35,924 sq ft, with strong ESG credentials, including BREEAM Excellent and an EPC A rating.

The average rent at Lumina is £23.01 per sq ft, with a weighted average unexpired lease term of 4.26 years to break and 7.12 years to expiry, offering “great reversionary potential” in the agent’s words.

Lumina’s tenant roster includes Pharmacy2U, which occupies the top two floors. Tile and flooring business Coverings took the whole first floor in February 2022 in a relocation from Armley, with Galliford Try and energy giant SSE splitting the ground floor.

Any offer matching the asking price would reflect a net initial yield of 8.51%.