Royal Armouries Museum land in Leeds up for sale for £11.7 million with 'unprecedented' 971-year lease secured
The Royal Armouries museum in Leeds has been put up for sale with an asking price of nearly £12 million.
Current landowner the Canal & River Trust is looking for a new landlord for the site by Leeds Dock and has floated the sale with an asking price of £11.69m.
The trust currently has the freehold on the South Bank site, which includes the museum as well as a 1,500 space multi storey car park, a hotel, 350 high-end residential apartments, 94,000 sq ft of office space and the New Dock Hall conference centre.
The Royal Armouries - which was recently in the national news thanks to a Gen-Z inspired marketing video - is subject to a lease for the next 971 years that is secured by a government body and is therefore guaranteed to stay open.
Avison Young, who have been appointed to market the property, say that the museum produces an income of £591,500 per year.
David Winterbottom, Principal at Avison Young 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.”