Royal Armouries Museum, Armouries Drive, Leeds

A rare opportunity to purchase a 12.36 acre site in Leeds City Centre, let by way of two 999 year ground leases to The Board of Trustees of the Armouries, who are a Non Departmental Public Body whose parent body is the Department for Culture, Media and Sports.

The development is the home of the ‘Royal Armouries Museum’ which attracts over 300,000 visitors a year.

Freehold.

Let on 2 ground leases for 999 years over Zone 1 and 2 with a combined income of £592,500 per annum (subject to landlords rental top up).

Investment value under pinned by long term income, vacant possession value and sub income from underleases on Zone 2.

Royal Armouries have redevelopment plans over part of Zone 1, which we believe if implemented potentially could result in an additional premium payment to the landlord.

We are instructed to seek offers in excess of £11,690,000 (Eleven Million, six hundred and ninety thousand pounds) plus VAT, which based upon a ‘topped up’ income of £592,500 pa, reflects a net initial yield of 4.75% rising to 5.55% in 2036 based on a fixed rental uplift.