A 60-acre industrial estate that was used to manufacture 700 Lancaster bombers in World War Two has been put up for sale.
It is the first time in 50 years that Leeds Bradford Airport Depot has been bought to market. Current owner Broadland Properties Group is seeking in excess of £30m for the site, a single 1.25m sq ft building comprising 15 units. The asking price reflects a yield of 9.07% and a capital value of £24 per sq ft.
Unit sizes range from 2,500 sq ft to 150,000 sq ft. Seven tenants currently occupy the estate, providing £2.9m rental income.
James Hill, director at Broadland Properties, said: “Leeds Bradford Airport Depot has been a long-term hold for us and continues to be a reliable and substantial cash generator for the group, as it has over the period of our ownership. As our group investment criteria and requirements change, we are pleased to offer Leeds Bradford Airport Depot to the market to begin the next phase of its exciting history.”
Garry Howes, director of investment at Leeds-based GV&Co, which is handling the sale, said: “Leeds Bradford Airport Depot is a landmark building in West Yorkshire and very well known due to its vast scale, prominent location and rich history.
“The development has more than stood the test of time, and continually attracts and retains strong national tenants including the likes of APCOA, VPK Packaging, Jet2, VLT Logistics and Toyota Tsusho. The site could also offer a substantial income producing asset management or major redevelopment opportunity, subject to planning, and we are therefore anticipating strong interest from regional, national and international investors.”
Leeds Bradford Airport Depot was originally built by the Avro Aircraft Company. Between 1939 and 1946 it became a ‘shadow factory’ with its roof camouflaged in grass, complete with imitation farm buildings and dummy animals. The estate contributed to the war effort, with around 700 Lancaster bombers and 4,500 Ansons built at the site by a 17,500-strong workforce.
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