Furnival House 48 Furnival Gate Sheffield South Yorkshire S1 4QP

Furnival House
48 Furnival Gate
Sheffield
South Yorkshire
S1 4QP

Substantial Retail/Office & Leisure Investment

  • Prominent corner position in city centre location
  • Forms part of ‘The Moor’ regeneration scheme
  • Tenants include Shelter, NCP and Anglian Windows
  • Includes 6 floors of highly flexible office space
  • Approximately 0.41 hectares (1.01 acres)
  • Benefits from a substantial multi-storey car park
  • Nearby occupiers include Dorothy Perkins, Debenhams, Curry’s, Superdrug and Jury’s Inn Hotel
  • Currently producing £431,580 p.a.x. (Gross)
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot
    17
  • Auction
    9th July 2015
  • Rent
    Gross: £431,580 per Annum Exclusive
  • Status
    Sold
  • Price
    £2,820,000
  • Sector
    Office
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of Joint LPA Receivers DTZ
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Substantial Retail/Office & Leisure Investment

  • Prominent corner position in city centre location
  • Forms part of ‘The Moor’ regeneration scheme
  • Tenants include Shelter, NCP and Anglian Windows
  • Includes 6 floors of highly flexible office space
  • Approximately 0.41 hectares (1.01 acres)
  • Benefits from a substantial multi-storey car park
  • Nearby occupiers include Dorothy Perkins, Debenhams, Curry’s, Superdrug and Jury’s Inn Hotel
  • Currently producing £431,580 p.a.x. (Gross)
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot 17
  • Auction 9th July 2015
  • Rent
  • Status Sold
  • Price £2,820,000
  • Sector
    Office
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of Joint LPA Receivers DTZ

Property Information

Location
Miles
6 miles south-west of Rotherham, 34 miles south of Leeds, 36 miles north of Nottingham
Roads
A61, A57, M1
Rail
Sheffield Railway Station (1 mile west)
Air
Doncaster/Sheffield International Airport
Situation

The property is situated in a prominent corner position on the southern side of Furnival Gate, at its junction with Eyre Street. The property forms part of The Moor Quarter regeneration scheme, a joint venture between Sheffield County Council and Scottish Widows Investment Property Partnership Trust, that will transform the area into one of the most desirable shopping destinations in the city centre. The new Moor Markets retail development opened in 2013 while Phase 2 of the development due to open from 2016 will include flagship retailer Primark, 11 other retailers and restaurants and a 9 screen cinema. For further information, please refer to www.moorsheffield.com

Tenure

Leasehold. Held from The Lord Mayor Aldermen and Citizens of the City of Sheffield for a term of 99 years from 1st August 1965 until 2064 at a rent of £2,440 p.a. without review.

Location
Miles
6 miles south-west of Rotherham, 34 miles south of Leeds, 36 miles north of Nottingham
Roads
A61, A57, M1
Rail
Sheffield Railway Station (1 mile west)
Air
Doncaster/Sheffield International Airport
Situation

The property is situated in a prominent corner position on the southern side of Furnival Gate, at its junction with Eyre Street. The property forms part of The Moor Quarter regeneration scheme, a joint venture between Sheffield County Council and Scottish Widows Investment Property Partnership Trust, that will transform the area into one of the most desirable shopping destinations in the city centre. The new Moor Markets retail development opened in 2013 while Phase 2 of the development due to open from 2016 will include flagship retailer Primark, 11 other retailers and restaurants and a 9 screen cinema. For further information, please refer to www.moorsheffield.com

Tenure

Leasehold. Held from The Lord Mayor Aldermen and Citizens of the City of Sheffield for a term of 99 years from 1st August 1965 until 2064 at a rent of £2,440 p.a. without review.

Description

The property comprises office, retail and leisure accommodation over ground and seven upper floors with a large car park and petrol station (not for public use).

Six Week Completion

Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises office, retail and leisure accommodation over ground and seven upper floors with a large car park and petrol station (not for public use).

Six Week Completion

Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Review/(Reversion)
Unit 1 - Ground Restaurant
84.63 sq m
(911 sq ft)
INDIVIDUALS (t/a Wing Tong Restaurant) 20 years from 29/06/1995 £9,750 (28/06/2015) (1)
Units 3, 4, 5, 6, 7, 8, 9 & 20 - Ground Leisure
767.56 sq m
(8,262 sq ft)
NIGHT TIME ADVENTURES LIMITED 10 years from completion of the lease (2) £25,000 (2) 2020
Unit 10 - Ground Retail
191.10 sq m
(2,057 sq ft)
VACANT POSSESSION      
Units 11 & 12 - Ground Retail
253.34 sq m
(2,727 sq ft)
ANGLIAN WINDOWS LIMITED 5 years from 27/06/2011 until 26/06/2016 £19,000 27/06/2015
Unit 13 - Ground Retail
93.00 sq m
(1,001 sq ft)
OUTPOST WARGAMES LIMITED 5 years from 06/03/2012 £9,500 (05/03/2017)
Unit 15 - Ground Retail
113.71 sq m
(1,224 sq ft)
INDIVIDUALS (t/a Make or Bake) 5 years from 09/01/2015 until 08/01/2020 £14,000 rising to £15,000 p.a.x. on 09/01/2016 and £16,000 p.a.x on 09/01/2017
Units 16 & 17 - Ground Retail
216.00 sq m
(2,325 sq ft)
INDIVIDUAL (t/a TAI Sun Oriental Supermarket) 5 years from 08/11/1999 £16,000 (07/11/2009) (3)
Units 18 & 19 - Ground Retail
190.91 sq m
(2,055 sq ft)
INDIVIDUAL (t/a Man Ting Hong Chinese Restaurant) 10 years from 01/11/2010 until 31/10/2020 £20,500 01/11/2015
Upper Ground, First,
Second & Third
327 Car Parking
Spaces
BISHOPSGATE PARKING (NO 2) LTD (in Administration) SUBLET TO NATIONAL CAR PARKS LIMITED (4) 98 years from 01/08/1965 until 22/07/2064 £163,500 25/12/2020 and 14 yearly
The Kiosk - Ground Retail
10.41 sq m
(112 sq ft)
VACANT POSSESSION      
Ground & Basement Former Car Store
and Workshop
326.55 sq m
(3,515 sq ft)
VACANT POSSESSION      
First Nightclub
740.71 sq m
(7,973 sq ft)
NIGHT TIME ADVENTURES LIMITED Approx. 10 years from completion of the lease £20,000 (7) 2020
First & Second Office
853.49 sq m
(9,187 sq ft)
VACANT POSSESSION      
Third, Fifth, Seventh Office
1,276.83 sq m
(13,744 sq ft)
SHELTER THE NATIONAL CAMPAIGN FOR THE HOMELESS 6 separate leases for a term of 10 years £82,464 (5) 5th anniversary of the term
Unit 14 – Ground & Basement
Sixth
Retail

Office
104.30 sq m

269.40 sq m
(1,122 sq ft)

(2,900 sq ft)
SHELTER THE NATIONAL CAMPAIGN FOR THE HOMELESS 2 separate leases for a term of 6 years £17,820 (8) 3rd anniversary of the term
Fourth – Suite A Office
113.53 sq m
(1,222 sq ft)
SHEFFIELD OCCUPATIONAL HEALTH ADVISORY Approx 7 years 8 months from 03/08/2010 £9,776 (31/03/2018)
Fourth – Suite B Office
316.98 sq m
(3,412 sq ft)
ROYAL VOLUNTARY SERVICE A term of years expiring 31/03/2020 (6) £15,180  
Ground Substation
NORTHERN POWERGRID (YORKSHIRE) PLC 60 years from 05/09/1966 £90 (04/09/2026)
Roof Telecoms
VODAFONE LIMITED 10 years from 17/11/2011 until 16/11/2021 £9,000 17/11/2014 and 3 yearly
Totals  
5,922.45 sq m
(63,749 sq ft)
    £431,580

(1) The tenant of Unit 1 is currently holding over.
(2) The lease to Night Time Adventures Limited provides an option to determine at the fifth anniversary. The lease provides for a fixed increase in rent to £50,000 p.a.x. on the third anniversary of the term.
(3) The tenant of Unit 16 & 17 is currently holding over. Terms have been agreed for a new 10 year lease commencing on 8th November 2014 at £14,000 p.a.x., subject to review on 8th November 2019 and a tenant option to determine on 7th November 2018.
(4) For the year ending 28th March 2014, National Car Parks Limited reported a turnover of £199,933,000, pre-tax profits of £9,435,000 and a total net worth of £141,754,000. (Source: www.riskdisk 16/06/2015).
(5) The leases of the fifth and seventh floors provide for a six month rent free period expiring on 27th October 2015. The lease of the second floor provides for a six month rent free period commencing on the date of lease completion.
(6) The tenant is currently holding over. Terms have been agreed for new leases of all units. As part of the Landlord’s obligations on the grant of the lease the landlord shall undertake refurbishment works for the building.
(7) Heads of terms have been agreed and the lease is out for signing.
(8) The lease provides for a fixed increase in rent to £40,000 p.a.x. on the second anniversary of the term.
(9) The lease of the ground floor Unit 14 provides for a two month rent free period commencing on the date of lease completion. The lease of Unit A sixth floor provides for a six month rent free period commencing on the date of lease completion.

Property Documents

  • Catalogue Page
    Updated Date
    16.06.15
    File Size
    893 KB
    View PDF
  • Site Plan
    Updated Date
    16.06.15
    File Size
    88 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Seller's Solicitors
Clyde & Co LLP The St Botolph Building, 138 Houndsditch
London
EC3A 7AR
Daniel Keys 020 7648 9076Daniel.keys@clydeco.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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