LOCATION
Bradford is the second largest City in West Yorkshire and lies approximately 10 miles (16km) west of Leeds, 15 miles (24km) north of Huddersfield and 38 miles (61km) north east of Manchester.
It benefits from good road communications, being served by the M606 which links with the M1, A1 and M6 via the M62 motorway. The A629 and A650 also connect with Skipton to the north. The M606 is approximately 3.25 miles (5km) to the south and Junction 26 of the M62 is approximately 6.5 miles (10km) to the south.
The City is connected to the national railway network and is served by two central train stations; Bradford Interchange and Bradford Forster Square, which connect with InterCity services to London (2 hours 50 mins) and Manchester (55 mins). In addition, Leeds Bradford International Airport is approximately 8 miles (13km) north east of the City.
Bradford has been named as the winner of the UK City of Culture 2025 competition. It is also UNESCO City of Film and UNESCO World Heritage Site.
SITUATION
Raven House is prominently situated on Bradford Business Park fronting the Inner Ring Road (A6037), less than ½ a mile east of the City Centre.
The Inner Ring Road is very accessible, providing various routes to Leeds, Leeds Bradford Airport and the M606 motorway via Leeds Road, Harrogate Road and the A6177 Ring Road, one of the main arterial routes around Bradford City Centre.
Nearby occupiers include Ibis Hotel, Job Centre, Driver Hire and Tesco.
The Forster Square Retail Park is close by with occupiers including Argos, Boots, Costa Coffee, Currys, Greggs, Next and TK Maxx.
DESCRIPTION
Constructed in 1992 the property comprises a three storey self-contained detached office building providing a mixture of open plan and cellular office accommodation with the following specification:-
•Suspended ceilings
•Gas fired central heating radiators
•LED lighting
•8-person passenger lift serving all floors
•Male and female wcs
The property benefits from 20 dedicated car parking spaces providing a ratio of 1:326 sq.ft.
TENANCY
The entire building is let to Raven Computers Ltd on a full repairing and insuring lease until 28th May 2027.
The passing rent is £52,250 pax equating to only £8.00 per sq.ft.
The tenant has occupied the building since 29th May 1992.
In addition, there are 16 car parking spaces separately let in the adjoining car park to Driver Hire Group Services Ltd on a lease expiring 30th June 2028 at a passing rent of £6,250 pax.
The total current rental income is therefore £58,500 pax
COVENANT
Raven Computers were established in 1981 and for over 40 years have been providing IT services to business and organisations. They are a family business and for the year ending 30th September 2022 had shareholders’ funds of £285,321.
Driver Hire Group Services Ltd have a D&B rating of 5A2. For the year ending 27th March 2023 they reported a turnover of £10,573,168, pre-tax profits of £4,939,752 and a Tangible Net Worth of £42,083,474.
PRICE
We are instructed to seek offers in the region of £495,000 (four hundred and ninety five thousand pounds) subject to contract and exclusive of VAT which would show a purchaser a net initial yield of 11.29% allowing for the normal costs of acquisition.
A purchase at this level equates to a capital value on the building of only £70 psf.