Royal Armouries Museum land up for sale

The Royal Armouries Museum land has been put up for sale with an asking price of nearly £12 million pounds.

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00:00The Royal Armouries Museum has been put up for sale with an asking price of nearly £12

00:05million.

00:06The current landowner, the Canal and River Trust, is looking for a new landlord for the

00:10site by Leeds Dock, and has floated the sale with an asking price of £11.69 million.

00:16The Trust currently has the freehold on the Southbank site, which includes the museum,

00:20as well as a 1500 space multi-storey car park, a hotel, 350 residential apartments, office

00:27space and the new Dock Hall conference centre.

00:29The Royal Armouries are subject to a lease for the next 971 years that is secured by

00:34a government body and is therefore guaranteed to stay open.

00:38Avis and Young, who are marketing the property, have said the museum produces an income of

00:42£591,500 a year.

00:45They are expecting a lot of interest from a mix of traditional investors together with

00:49some high net worth individuals who will be attracted by the opportunity, which is underpinned

00:53with long-term income, vacant possession value and sub-income from under-leases.