7 VICTORIA COURT, BANK SQUARE, MORLEY, LEEDS LS27 9SE

Home 7 VICTORIA COURT, BANK SQUARE, MORLEY, LEEDS LS27 9SE
  • £ 200,000.00
  • Type:
  • Location:
  • Posted On: Nov 18, 2022
Sale
DESCRIPTION

The property comprises a semi-detached office building estimated to be about 20 years old. The accommodation is laid out on two floors. The property is of traditional construction with walls built in stone under a concrete tiled pitched roof and has car parking immediately in front of the building. Click here for the PDF brochure.

The property stands in a small office park at the top of Churwell Hill at Morley a short walking distance from the centre of Morley in a mixed locality comprising residential, industrial and office property.

We understand the property benefits from mains water, drainage, electric and gas. Gas fired central heating is installed.

It is understood the property has been used as a B1 Office since construction. Applicants should make their own enquiries of the Local Planning Office.

The freehold is owned by the management company. Each property has a share in the management company. There are approximately 970 years left on the long leases. The management company maintains the exterior of the buildings and the communal areas externally and charges back a proportion to each of the long leaseholders.

The ground floor has been let on a five-year lease from February 2025 at an annual rent of £7,250 per annum. The lease is held on full repairing and insuring terms and is subject to a schedule of condition.

The first-floor offices are subject to a Lease for a term of five years from 25.03.2022 at an annual rent of £8,000 per annum exclusive. There is a rent review on 25.03.2025. The Lease is outside the security of tenure provisions of the 1954 landlord & tenant act. The Lease is held on effective full repairing and insuring terms. The tenant is relocating to alternative premises but is still liable under the terms of the lease.

There is a landlord service charge to cover the management of the development, site service charge, boiler servicing and security and fire alarm testing of £3,600 approx. plus VAT for the year ended 30th June 2025.

The long leasehold interest is offered for sale subject to the existing tenancy in the sum of £200,000.

Our client advises that VAT is applicable on this transaction. Your legal advisors should verify.

Each party to be responsible for their own legal costs.

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