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
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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 )
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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. 24
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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