UKREiiF venue on the block as landlord sells up
The Royal Armouries Museum in Leeds, which for the past three years has hosted the UKREiiF conference, has been put up for sale by the Canal & River Trust.
The trust has appointed Avison Young to find a buyer for the ground lease of Leeds Dock, home to the Royal Armouries National Museum. It is seeking £11.7m.
The freehold property is being sold subject to two 999-year ground leases, with the museum’s lease secured by a non-departmental government body, funded by the Department for Culture, Media and Sport, for the next 971 years.
The Royal Armouries Museum in Leeds, which for the past three years has hosted the UKREiiF conference, has been put up for sale by the Canal & River Trust.
The trust has appointed Avison Young to find a buyer for the ground lease of Leeds Dock, home to the Royal Armouries National Museum. It is seeking £11.7m.
The freehold property is being sold subject to two 999-year ground leases, with the museum’s lease secured by a non-departmental government body, funded by the Department for Culture, Media and Sport, for the next 971 years.
Leeds Docks spans 12.4 acres in the centre of Leeds and is split into two zones. The purpose-built Royal Armouries Museum, which produces an income of £591,500 per annum, forms zone one. Adjacent to the main building is a 1.4-acre outdoor events space, known as the Tiltyard. Zone two encompasses a 1,500-space multi-storey car park, a hotel, 350 flats, 94,000 sq ft of offices and New Dock Hall conference centre.
David Winterbottom, principal at Avison Young, said: “Royal Armouries National Museum is a high-profile, iconic building and it is 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.”
The Royal Armouries had been planning to expand its space at Leeds Dock. EG revealed at MIPIM this year that it was pushing ahead with plans to create a £150m multi-purpose events, exhibition and conference space on the Tiltyard.
