Royal Armouries looking for new landlord in rare opportunity for £11.69m deal
The Royal Armouries Museum is searching for a new landlord as the Canal & River Trust float the sale in a rare opportunity.
A ground lease investment is up for grabs at Leeds Dock. It's on the market for £11.69m and the freehold property is being sold subject to two 999-year ground leases.
The museum’s lease has been secured by a non-departmental government body, funded by the Department for Culture, Media and Sports, for the next 971 years.
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Covering 12.36-acres in the centre of Leeds, on the city’s South Bank, the site is split into two zones. The purpose-built Royal Armouries Museum, which produces an income of £591,500 per annum, forms zone one and is globally recognised as one of the most important museums in the world due to its collection of arms and armour that dates back to the 11th century.
Adjacent to the main building is a 1.41-acre outdoor events space, known as The Tiltyard.
Zone two encompasses a 1,500-space multi-storey car park, a hotel, 350 high-end residential apartments, 94,000 sq ft of office space and New Dock Hall conference centre, which hosts many large-scale events each year, bringing significant footfall to the area.
Avison Young estate agent David Winterbottom said: “Royal Armouries National Museum is a high profile, iconic building and it’s rare to be selling a development of such national importance that also benefits from leases of over 900 years on unexpired terms.
“We expect a lot of interest in the asset from a mix of traditional investors, together with some high-net-worth individuals who will be attracted by the opportunity which is underpinned with long term income, vacant possession value and sub income from underleases.”
Expressions of interest can be made to estate agents Avison Young.
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