11 Oldfield Lane, Leeds, West Yorkshire, LS12 4DS

Property specification

• Large warehouse and ancillary offices totalling 14,556 sq m (156,681 sq ft). Eaves heights ranging from 7.5m - 12.0m with an average of 9.65m.
• Site of approximately 10.03 acres (4.06 hectares).
• Let to CarnaudMetalbox Engineering Ltd on a recently signed reversionary lease providing 20 years unexpired, subject to a tenant break option in year 15. Excellent tenant covenant (D&B 5A2).
• Passing rent of £728,576 per annum exclusive (£4.65 psf) with a fixed uplift in October 2026 to £1,096,676 per annum reflecting £7.00 psf. The passing rent will be topped up to this level by the vendor on completion.
• The rent is subject to 5 yearly upward only rent reviews from 2031 to the higher of OMRV or CPI (1.00% collar - 3.00% cap).
• Extensively refurbished in the last 5 years at a cost exceeding £7.7m, including recladding, roof replacement and degassing.
• EPC B36.
• Offers are sought in excess of £13,700,000 subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 7.50% based on the topped up rent, assuming standard purchaser's costs of 6.72%.
• RUNNING YIELD ASSUMING 2% PA CPI 2026 7.50% 2031 8.12% 2036 8.96% 2041 9.90%
• £13,700,000 / NIY 7.50%