The Scarcroft Estate, Wetherby

AN EXCLUSIVE INVESTMENT AND DEVELOPMENT OPPORTUNITY

A unique opportunity to acquire a 44 hectares (110 acres) estate with secure income and significant future development potential, set within the picturesque village of Scarcroft.

01 EXECUTIVE SUMMARY 03 THE SCARCROFT ESTATE OVERVIEW 05 LEEDS 09 SCARCROFT VILLAGE 13 THE SCARCROFT ESTATE 33 TENURE & ACCOMMODATION 35 TENANCY SCHEDULE 37 COVENANTS 39 PLANNING 43 RESIDENTIAL MARKET 45 PROPOSAL & FURTHER INFORMATION

WETHERBY ROAD, SCARCROFT, LEEDS LS14 3HS

A unique estate with an attractive current income of ÂŁ1,065,425 per annum.*

* includes where tenants are holding over.

• Located in the affluent village of Scarcroft which lies seven miles to the north east of Leeds city centre and five miles south west of Wetherby.

• The Times newspaper recently voted Scarcroft as one of the ’30 most glamorous places to live in the UK’ (March 2014) due to its enviable commuter location and attractive countryside environment.

EXECUTIVE SUMMARY

• The Scarcroft Estate currently comprises a Headquarters Office Building together with original former manor house, tenanted farm, two gate lodges (2-bed houses), a detached former residential dwelling with Open A1 Retail consent, cricket pitch and parking for approximately 448 vehicles.

The former manor house (Scarcroft Lodge) is Grade II listed.

• Current buildings on site total approximately 9,369.57 sq m (100,854 sq ft) and are set within landscaped grounds offering a very low site density.

The Estate has a current income of £1,065,425* per annum and the commercial element has been identified as a ‘major development site’.

• Freehold. The site is accessed off Wetherby Road (A58), via a private estate road.

• The majority of income is secured to NPower Yorkshire Ltd until April 2018, who occupy the premises as their registered trading headquarters. The remainder is let on a variety of tenancies, including the tenanted farm on an agricultural tenancy.

The estate produces an attractive current income of £1,065,425 per annum.* • NPower Yorkshire Ltd have signalled their intention to vacate the site at lease expiry creating a significant development opportunity.

• The Council has confirmed that the previously developed commercial element of the site (which extends to 5.8 hectares (14.3 acres)) constitutes a ‘major development site’.

* includes where tenants are holding over.

01

02

Headquarters Office Building

Cricket Pitch and Pavilion

Gatehouses

(North & South Lodge)

0 .9 H E C TA R E S (2 . 2 A C R E S )

2 BEDROOMS

5, 531.7 7 S Q M (59, 544 S Q F T )

Hellwood Farm & Farm Cottage

R O A D

6

S C A R C R O F T V I L L A G E

W E T H E R B Y

SCARCROFT ESTATE

A 5 8

3 7 H E C TA R E S (93 A C R E S )

2

5

5

The Estate comprises a Headquarters Office Building together with original former manor house, tenanted farm, two gate lodges (2-bed houses), a detached former residential dwelling with Open A1 Retail consent, cricket pitch and parking for approximately 448 vehicles.

The former manor house (Scarcroft Lodge) is Grade II Listed.

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7 3

1

Birch View Cottage 65.03 S Q M (700 S Q F T )

Woodlands 445.37 SQ M (4 ,79 4 S Q F T )

03

6

The 56 Building 346.34 SQ M (3 ,72 8 S Q F T )

Scarcroft Lodge 2 ,607 .49 S Q M (2 8,067 S Q F T )

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LEEDS

Leeds is the principle financial and business centre in the north of England and is the UK’s fastest growing city. The city has a district population in excess of 750,000 and an estimated 2.5 million people living within a 30 minute drive of the city centre.

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A1(M)

A61 A59

A59 A59

A59

A59

The nearest city to Scarcroft is Leeds. The Scarcroft Estate is located approximately 56 km (35 miles) north of Sheffield, 71 km (44 miles) north east of Manchester and 312 km (194 miles) north of London. Leeds is located at the northern end of the M1 motorway, immediately north of its intersection with the M62 and thus provides excellent access to north, south and east/west communications. To the east of the city, the M1 motorway provides access to the A1 (London to Edinburgh) route.

A1237

HARROGATE A61

A1237

A658

A64

A1079

A661 A658

WETHERBY

A65

A1237

A64

Leeds train station is one of the busiest in the county, serving 900 trains a day and nearly 38 million passengers

A64

Otley

A61

a year. The fastest trains to London (Kings Cross) are 2 hours 15 minutes.

There are also regular cross country services and fast frequent connections to Manchester, Liverpool, Hull and Newcastle.

Leeds Bradford International Airport is approximately 11 km (7 miles) to the north west of the city centre and offers a variety of domestic daily flights as well as frequent services to Ireland and mainland Europe.

Substantial capital is being invested in improving the airport which currently caters for 3,000,000 passengers a year and is forecast to nearly triple by 2030.

A660

Scarcroft is situated 11.3 km (7 miles) north east of Leeds, making it an excellent commuter location.

A58

SCARCROFT

A6120

Horsforth

A19

A1(M)

A64

A64

A6120

A19

M1

LEEDS

M1

M621

A63

A63

A63

A63

6036

A63

M62

Morley

A1041

M62

M1

EDINBURGH

A19 A645

A1(M)

A650

SCARCROFT

Dewsbury

M62

A638

Wakefield

A644

A642

DUBLIN

LEEDS

MANCHESTER

A638

BIRMINGHAM

LONDON A642

A637 A638

M1

A628

A19

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The village lies almost equidistant between Wetherby (8 km, 5 miles to the north east) and Leeds (11.3 km, 7 miles to the south west), within easy travelling distance of both Harrogate and York.

Access to The Scarcroft Estate is off the A58, which is the main road linking Leeds to Wetherby. The property has prominent frontage along the east side of the A58, close to its junction with one of the most expensive residential streets in Leeds, Ling Lane.

There are two vehicle access points to the property – the main entrance to the offices and residential dwellings is via a private estate road to the south; whereas access to Hellwood Farm is via Hellwood Lane, approximately quarter of a mile to the north. The offices benefit from secure barrier entry.

SCARCROFT VILLAGE The Estate is located in the affluent village of Scarcroft, a well-established residential commuter area situated to the north east of Leeds city centre.

The estate is surrounded by open countryside, with rural footpaths, high-end residential dwellings, local public houses and golf clubs. The nearest retail offering is three miles to the south at Roundhay, which includes fashionable shops, bars, restaurants as well as amenities catering for everyday needs.

Further afield lie the neighbouring centres of Leeds and Wetherby, both offering extensive commercial activities and excellent schooling. Leeds Grammar School is situated approximately two miles to the south west.

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The regions motorway network and key business centres are easily accessible from The Scarcroft Estate, including the A1, plus mainline train links from Leeds train station. There is a regular bus service on the A58, connecting Leeds to Wetherby, and a community bus service connecting the local villages to Tadcaster, Otley and Wetherby.

09 10

HEADQUARTERS OFFICE BUILDING

THE 56 BUILDING SCARCROFT LODGE

NPower Yorkshire Ltd has signalled their intention to vacate the site creating a significant development opportunity.

1 SCARCROFT LODGE Scarcroft Lodge is an imposing Grade II Listed building which was originally constructed as a large residential dwelling in 1830. It comprises an attractive original stone faรงade building arranged over basement, ground and first floors under a slate pitched roof.

2,607.49 SQ M (28,067 SQ FT)

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The building has been extended in more modern construction under flat felt roofs and is linked to the Headquarters Office Building via a bridge link to the first floor. A UPVC frame double glazed conservatory has been constructed to the north east elevation.

Internally, part of the space is refurbished to provide cellular and open plan office areas. Specification includes suspended ceilings with LG3 recessed lighting panels,

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plastered emulsion painted walls, cill height trunking and a canteen area.

There are double glazed ‘Georgian’ style windows and air-conditioning units in part.

The remainder of the property is unoccupied and is in need of substantial refurbishment. Some original features remain to the interior including fireplaces and original doors.

The property has a goods lift and a number of internal stairway links between each floors.

2,607.49 sq m (28,067 sq ft) part refurbished office building linked to the Headquarters Office Building via a bridge link to the first floor.

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2 HEADQUARTERS OFFICE BUILDING Built in the mid-1970s, the Headquarters Office Building is arranged over four storeys.

The property has been designed using a tiered system, with each upper floor extending beyond the floor below.

5,531.77 SQ M (59,544 SQ FT)

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5,531.77 sq m (59,544 sq ft) Headquarters Office Building arranged over four storeys.

The building is of concrete construction incorporating concrete curtain walling and double glazed window units.

Internally, the building provides open plan office accommodation at ground, first and second floor levels with ancillary plant rooms, storage space, loading area and offices to lower ground floor level. Specification includes suspended ceilings with LG3 recessed fluorescent lighting, solid

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floors incorporating trunking, air-conditioning system with continuous panelled radiators and carpeting throughout. There are two eight-person (630kg) passenger lifts together with a goods lift servicing all floors, together with two internal staircases.

The ground floor area provides a large reception together with staff canteen and kitchens.

A detached office building of 346.34 sq m (3,728 sq ft) over ground and first floors.

3 THE 56 BUILDING

The 56 Building comprises a detached refurbished office which is arranged over ground and first floors. It lies adjacent to Scarcroft Lodge and was constructed in 1956, hence the name.

346.34 SQ M (3,728 SQ FT)

The property has stone clad exterior walls, concrete floors and timber framed double glazed windows under a low pitch asphalt covered roof.

Internally, the property provides open plan office accommodation which was refurbished five to six years ago. Specification includes solid

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floors, plastered emulsion painted walls, modern suspended ceiling incorporating LG3 lighting and electric storage heaters. Access between floors is via a single internal stairwell.

Access into the office building is via single door to the eastern elevation.

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Woodlands was constructed in the early 1900s and is arranged over ground and first floors, with a small amount of accommodation on the second floor. The property has a hipped roof although has suffered vandalism over recent years with the majority of the roof tiles having been removed by thieves.

Internally, the property is in a shell condition, having not been occupied for many years. It does however retain a number of original features including fireplaces, doors and decorative

architraves. There are two internal staircases, although the building will require substantial refurbishment prior to reoccupation.

Immediately south of the lodge are impressive landscaped gardens and a car parking area. The property has received planning consent on 30 March 2015 for a change of use to Open A1 Retail on the ground floor.

4 WOODLANDS

Woodlands comprises an impressive large vacant former residential dwelling fronting the A58 Wetherby Road with Open A1 Retail consent.

445.37 SQ M (4,794 SQ FT)

445.37 sq m (4,794 sq ft) vacant building with planning consent for Open A1 Retail use.

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Two refurbished detached residential cottages with views across open fields.

5 GATEHOUSES (NORTH LODGE & SOUTH LODGE)

The gatehouses are located either side of the main office entrance and were constructed in the early Victorian era.

157.47 SQ M (1,695 SQ FT)

Each comprises a detached, two storey residential dwelling with stone faรงade. They have recently undergone a comprehensive restoration to the exterior and modern internal refurbishment.

Both are currently vacant.

Internally both properties comprise lounge, kitchen/dining, two first floor double bedrooms, en-suite to the

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master and additional family bathroom.

The North Lodge benefits from an additional small single storey workshop, which is attached to it.

Externally each property has a private garden, with North Lodge overlooking open fields and the Scarcroft Cricket Club. Off street parking is provided to the rear of each building.

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6 HELLWOOD FARM & BIRCHVIEW COTTAGE The farm comprises 37 hectares (93 acres)of land. Most of the land is laid to pasture and is currently used for the training and grazing of horses.

37 HECTARES (93 ACRES)

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HELLWOOD FARM

BIRCHVIEW COTTAGE

The farm includes a detached farmhouse which was constructed in the 1980s and is arranged over two storeys.

Internally the farmhouse provides lounge, dining room, kitchen, utility room and cloakroom at ground floor level with three double and one single bedrooms at first floor level and a family bathroom.

Birchview Cottage comprises the adjoining semi-detached cottage which forms part of Hellwood Farm. The property lies adjacent to the main access road and is of brick construction under a pitched slate roof.

There are various outbuildings associated with the farm which include three single storey brick horse boxes, a store barn and a Dutch barn.

Internally, the property provides a lounge, kitchen, sitting room, two bedrooms and a bathroom. The property is currently vacant, having previously been occupied by the adjoining farm tenant.

A 37 hectares (93 acres) stud farm has a main farmhouse, farm buildings, stables and a semi-detached cottage for farm workers.

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Cricket pitch and pavilion are leased by the village cricket club.

7 CRICKET PITCH AND PAVILION The cricket pitch and pavilion are located between the A58 and the Headquarters Office Building.

0.9 HECTARES (2.2 ACRES)

The boundary of the cricket pitch is marked by low level fencing.

The pavilion is single storey and incorporates changing rooms, lounge area, kitchen and storage facilities.

The building is of stone clad construction under a pitched and hipped slate roof which incorporates a clock tower.

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TENURE & ACCOMMODATION TENURE

Freehold.

The Scarcroft Estate is subject to an overage agreement dated 31 December 2002 in favour of NPower Yorkshire Ltd. Further information is available on request.

PROPERTY

FLOOR

AREA SQ M

AREA SQ FT

Headquarters Office Building

Second

1,748.98

18,826

First

1,550.07

16,685

Ground

1,340.02

14,424

Basement

892.70

9,609

First

970.55

10,447

1,149.57

12,374

Basement

487.37

5,246

First

163.23

1,757

Ground

183.11

1,971

Woodlands

Ground/First

445.37

4,794

North Lodge & South Lodge

Ground/First

157.47

1,695

Hellwood Farm

N/A

136.57

1,470

Farm Cottage

Ground/First

79.52

856

Birchview Cottage

Ground/First

65.03

700

9,369.57

100,854

Scarcroft Lodge

Ground

The 56 Building

ACCOMMODATION

We have been provided with the following net internal areas, which have been measured in accordance with the RICS Code of Measuring Practice.

TOTAL

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TENANCY SCHEDULE PROPERTY

TENANT

Scarcroft Lodge

NPower Yorkshire Ltd

Vacant

LEASE START

LEASE EXPIRY

AREA SQ M

AREA SQ FT

RENT £PA

RENT £PSM

RENT £PSF

22/01/2010

21/01/2015

1,138.05

12,250

£192,400

£169.07

£15.71

-

-

1,469.44

15,817

-

-

-

COMMENTS

Demise includes car parking spaces. Tenant holding over and in full occupation. No lease renewal discussions have taken place. The lease is subject to a Schedule of Condition.* Space is unoccupied and requires comprehensive refurbishment.

Headquarters Office Building

NPower Yorkshire Ltd

26/04/2008

25/04/2018

5,531.77

59,544

£790,000

£142.81

£13.27

Demise includes car parking spaces. The lease is subject to a Schedule of Condition.

The 56 Building

NPower Yorkshire Ltd

30/03/2009

29/03/2014

346.34

3,728

£55,000

£158.80

£14.75

Demise includes a right to use 15 car parking spaces. Tenant holding over and in full occupation. No lease renewal discussions have taken place. The lease is subject to a Schedule of Condition.

Woodlands

Vacant

-

-

445.37

4,794

-

-

-

Heads of Terms with Co-operative Group Food Ltd for a 15 year new lease at £55,000 per annum. Landlord to refurbish to shell and core.

North Lodge and South Lodge

Vacant

-

-

157.47

1,695

-

-

-

Both refurbished, each comprising lounge, kitchen/dining, sitting room, two bedrooms and a bathroom.

Hellwood Farm & Farm Cottage

Richard Mawson Whittaker

23/05/1983

-

216.09

2,326

£13,000

£60.16

£5.59

Birchview Cottage

Vacant

-

-

65.03

700

-

-

-

Cricket Pitch and Pavilion

Scarcroft Cricket Club

Rolling Annual Tenancy

-

-

-

£25

-

-

Car Park

NPower Yorkshire Ltd

Rolling Annual Tenancy

2 weeks’ notice

-

-

£15,000

-

-

9,369.57

100,854

£1,065,425

TOTAL

Lease governed under the Agricultural Holdings Act, with the tenant having the ability to pass the tenancy on to up to two family generations.

Currently unrefurbished, comprising lounge, kitchen, sitting room, two bedrooms and a bathroom.

Demise is for 30 car parking spaces. Tenancy can be determined on 2 weeks’ notice.

Notes: * The basement is excluded from the lease demise.

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36

COVENANTS

The majority of income (99%) is secured to NPower Yorkshire Ltd which represents a minimum risk of business failure (Dun & Bradstreet).

The company supplies gas, electricity and related services to residential and business customers and operates/ manages a flexible portfolio of coal, gas and oil fired power stations. NPower is part of the RWE Group which is one of Europe’s five leading electricity and gas companies.

NPower Yorkshire Ltd has a Dun & Bradstreet rating of N1 which represents a minimum risk of business failure.

NPower Yorkshire Ltd has reported the following recent financial information: 31-DEC-13

31-DEC-12

31-DEC-11

(000’s)

(000’s)

(000’s)

Sales Turnover

246,959

246,965

235,917

Profit Before Taxes

(15,703)

(11,155)

(27,204)

Tangible Net Worth

(663,808)

(654,033)

(647,978)

Net Current Assets

(668,731)

(661,711)

(654,752)

The subject property is the registered trading address of NPower Yorkshire Ltd.

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PLANNING

The City Council has confirmed that the previously developed part of the site constitutes a ‘major development site’.

Our clients and their planning consultants, England & Lyle and Gerald Eve, have undertaken extensive investigations into future redevelopment of the site. Full information is available upon request.

The commercial element of the site lies within the Scarcroft Conservation Area and is subject to the following designations, shown on the Leeds City Council Local Development Framework – Policies Map • Green Belt • Protected playing field (cricket pitch & pavilion)

Although within the Green Belt, the City Council has confirmed that this previously-developed part of the site (which extends to circa 5.8 ha/14.3 acres) constitutes a ‘major development site’ where redevelopment is appropriate as long as it does not have a greater impact on the Green Belt. Leeds City Council is currently preparing a Site Allocations Plan, which will form part of the statutory development plan, once adopted. The Council has identified the subject site (referred to as Wetherby Road - Scarcroft Lodge, Scarcroft) as suitable for allocation for housing in the emerging Site Allocations Plan, which is due to be published for consultation in Summer/Autumn 2015.

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HE

LL W O

O

D

LA

N

Heath Lodge

Heath Cottage

E

Scarcroft Parish Council is preparing the Scarcroft Neighbourhood Plan.

Birch View

At local level, Scarcroft Parish Council is preparing the Scarcroft Neighbourhood Plan (which will also form part of the statutory development plan once adopted). The plan states that ‘the previously developed site has been given priority status by the Parish Council for any future development in the village’.

INDICATES RED LINE APPLICATION BOUNDARY

“THE GREEN’ - PROVISION OF PUBLIC OPEN SPACE WITHIN THE DEVELOPMENT CREATING A TRADITIONAL VILLAGE GREEN FEEL

EXISTING TREES / LANDSCAPING TO BE RETAINED AND LANDSCAPE BUFFER PROVIDED

COURTYARD PARKING AREAS FOR USE BY THE RESIDENTS OF SCARCROFT LODGE

PUBLIC SQUARES AND CHARACTER AREAS CREATE FOCAL POINTS THROUGH THE SITE

THE WOODLANDS PLANNING APPLICATION AND RENOVATION NOW INCLUDED WITH THIS DEVELOPMENT

Chestnut House

BESPOKE DWELLINGS TO BE DESIGNED SYMPATHETICALLY TO THE HISTORIC ENVIRONMENT OF THE SITE

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Scarcroft Lodge is a Grade II listed building. The remaining office buildings dating from the 1950s and 1970s and the former residential building ‘Woodlands’ are in the curtilage of this listed building. The 1970s Headquarters Office Building and large car parking areas are seen as particularly detrimental to the character and appearance of the conservation area and the setting of the listed building.

Planning permission and listed building consent was granted on 30 March 2015 for ‘change of use of ground floor from offices (class use B1) to retail (class use A1), including single storey rear extension, retention of (class use B1) offices at first floor; external alterations and associated works to Woodlands that would complement residential development on the site.

Initial pre-application discussions on a 92 unit scheme (confined to the previously-developed part of the site excluding Woodlands and The Gatehouses) were held with planning, design, conservation and landscape officers from Leeds City Council in 2014, who confirmed that residential use of the site is appropriate.

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According to Zoopla, in 2014 the average house price achieved in Leeds city centre was £174,000. In contrast, Scarcroft, situated within the ‘golden triangle’ achieved an average price of £746,000 last year. The Times noted Scarcroft as one of the ’30 most glamorous places to live in the UK’ (The Times, March 2014) and it is known nationally for its high standards of living. For out of town buyers, commuter distance and journey times are key and Scarcroft has a golf course and a sense of community, which are a big draw for purchasers.

In reference to Rightmove, over the past six months, average property prices in the postcode LS14 have risen by almost 60%. Whilst this figure is distorted by one or two large transactions, it demonstrates the strength of the residential market which is continuing to gather momentum.

RESIDENTIAL MARKET

The ‘golden triangle’ between Harrogate, Wetherby and Leeds is home to some of the most expensive streets in Yorkshire and Humber.

We are aware of the following comparable sales at a new build scheme at Castle Court, Scarcroft.* PROPERTY

DATE

SIZE (SQ M)

SIZE (SQ FT)

PRICE

(£ PSM)

(£ PSF)

1 Castle Court, Scarcroft, LS14 3BF

30 June 2014

193.98

2,088

£594,995

£3,067.30

£285

2 Castle Court, Scarcroft, LS14 3BF

27 June 2014

193.98

2,088

£594,995

£3,067.30

£285

8 Castle Court, Scarcroft, LS14 3BF

27 June 2014

195.00

2,099

£594,995

£3,051.26

£283

7 Castle Court, Scarcroft, LS14 3BF

27 June 2014

213.96

2,303

£689,995

£3,224.88

£300

9 Castle Court, Scarcroft, LS14 3BF

26 June 2014

196.03

2,110

£599,995

£3,060.73

£284

Capital values on Ling Lane and Bracken Park have reached £3,230 per sq m (£300 per sq ft) and £3,700 per sq m (£345 per sq ft) respectively. *Source: Rightmove 2015

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PROPOSAL Offers are sought for our client’s freehold interest subject to contract and exclusive of VAT.

EPC

VAT

EPCs available on request.

The property is currently elected for VAT and therefore VAT will be payable on the purchase price. It is envisaged that the sale will be dealt with as a Transfer of a Going Concern (TOGC).

FOR FURTHER INFORMATION OR TO ARRANGE AN INSPECTION PLEASE CONTACT:

Andrew Mears

Tel. +44 (0)20 7333 6308 Mob. +44 (0)7767 233801 amears@geraldeve.com

Grace Hodnett

Tel. +44 (0)20 7333 6416 Mob. +44(0)7900 667468 ghodnett@geraldeve.com

Simon Hay

Tel. +44 (0)20 7333 6260 Mob. +44(0)7557 285093 shay@geraldeve.com

CONDITIONS UNDER WHICH THESE PARTICULARS ARE ISSUED: All details in these particulars are given in good faith, but Gerald Eve LLP for themselves and the Vendors/Lessors of this property for whom they act give notice that:- 1. These particulars do not and shall not constitute, in whole or in part, an offer or a contract or part thereof, and Gerald Eve LLP have no authority to make or enter into such offer or contract.

2. All statements contained in these particulars are made without acceptance of any liability in negligence or otherwise by Gerald Eve LLP, for themselves or for the Vendors/Lessors. 3. None of the statements contained in these particulars is to be relied on as a statement or representation of fact or warranty on any matter whatsoever, and intending purchasers must satisfy themselves by whatever means as to the correctness of any statements made within these particulars. 4. The Vendors/Lessors do not make, give or imply, nor do Gerald Eve LLP or any person in their employment have any authority to make, give or imply, whether in these particulars or otherwise, any representation or warranty whatsoever in relation to the property. The statement does not affect any potential liability under the Property Misdescriptions Act 1991. Particulars issued June 2015.

Designed and produced by Sutton Young. (0)20 7499 2333 SYO51332

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