WIRA up for grabs in Leeds
Owner Canmoor hopes to sell the business park, which offers 111,000 sq ft of offices and light industrial space, for around £8m.
Based on the city’s outer ring road, the park currently houses 18 companies and public sector organisations.
The 4.38-acre site, which sits between Lawnswood roundabout and Horsforth’s Woodside roundabout, also has parking for 259 cars and is being marketed by Leeds property consultancy GV&Co’s investment division, on behalf of Canmoor.
The business park was originally constructed in the early 1980s as the headquarters of the Wool Industries Research Association (WIRA). Its two main buildings have been repurposed in recent years to appeal to a variety of businesses.
Garry Howes, director of investment at GV&Co, said: “WIRA Business Park is well positioned on the Leeds outer ring road. It currently produces a total passing rent of £839,720 and there are immediate asset management and ESG opportunities to grow this significantly, as well as some vacant units which are in an immediately lettable condition.
“The site also offers an attractive weighted average unexpired lease term (WAULT) of more than five years, which further enhances its credentials as a solid investment opportunity, and we’re envisaging significant interest from both local and national investors.”
Sole agent GV&Co is seeking offers in excess of £7.87m, reflecting a net initial yield of 10%.