574, Lambert Smith Hampton's (LSH) new dynamic online sales platform, is set to market a student housing block in Leeds. The property will shortly come to the market and be sold online in June.
The 14 storey property - Joseph Stones House, St Cecilia Street - is located adjacent to Leeds College of Music’s principal facility, by the West Yorkshire Playhouse and BBC Yorkshire. It spans 190 units and is fully let to Unite Integrated Solutions Plc with a guarantee from its parent company, LDC Holdings with a total initial passing rent of £868,986 per annum. It is let for over 15 years remaining on an FR & I basis. Unusually the rent reviews are annual, based upon uncapped RPI and the property is held on a long leasehold basis with 103 years remaining at peppercorn ground rent.
Max Mason, Head of Sales - 574, comments:
“This is a fantastic well secured property in the heart of Leeds. It is let for a further 15 plus years and reviewed annually to Uncapped RPI. In addition, the property has the benefit of a Nomination Agreement making it extremely well underwritten. It is rare to find such a high quality investment with real future reversionary value. We are expecting a lot of interest.”
To view the lots and register to bid, please visit https://www.574.co.uk/
The 14 storey property - Joseph Stones House, St Cecilia Street - is located adjacent to Leeds College of Music’s principal facility, by the West Yorkshire Playhouse and BBC Yorkshire. It spans 190 units and is fully let to Unite Integrated Solutions Plc with a guarantee from its parent company, LDC Holdings with a total initial passing rent of £868,986 per annum. It is let for over 15 years remaining on an FR & I basis. Unusually the rent reviews are annual, based upon uncapped RPI and the property is held on a long leasehold basis with 103 years remaining at peppercorn ground rent.
Max Mason, Head of Sales - 574, comments:
“This is a fantastic well secured property in the heart of Leeds. It is let for a further 15 plus years and reviewed annually to Uncapped RPI. In addition, the property has the benefit of a Nomination Agreement making it extremely well underwritten. It is rare to find such a high quality investment with real future reversionary value. We are expecting a lot of interest.”
To view the lots and register to bid, please visit https://www.574.co.uk/
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