The Canal & River Trust has put a 12.36-acre site at Leeds Dock on the market with a £11.69m price tag.
The site is split into two zones. Zone one comprises the Royal Armouries Museum, which produces income of £591,000 per annum, and the adjacent The Tiltyard outdoor events space; and zone two features a 1,500 space multi-storey car park, a hotel, 350 residential apartments, 94,000 sq ft of office space and New Dock Hall conference centre, which hosts major events such as UKREiiF.
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 Sports, for the next 971 years.
David Winterbottom, principal at Avison Young, which has been appointed to market the site, 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.”
