Freehold Retail Investment (plus approx. 6,700 sq ft of Vacant self-contained accommodation)
Part let to Tesco Stores Limited until January 2034 (subject to option)
Includes self-contained bar/restaurant/retail opportunity
Grade II listed building - no empty rates
Nearby occupiers include Marks & Spencer, Boots the Chemist, WHSmith, TK Maxx, Caffè Nero and Lloyds Bank
Close to Supertram and numerous bus routes
Prominent position in the heart of Sheffield City Centre, opposite Sheffield Cathedral
Lot 28
Auction 14th February 2018
Rent £65,000 per Annum Exclusive
Status Sold
Price £1,110,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
33 miles south of Leeds, 38 miles east of Manchester
Roads
A57, A61, M1 (Junction 33 & 34)
Rail
Sheffield Railway Station
Air
Robin Hood Doncaster/Sheffield Airport
Situation
Located opposite Sheffield Cathedral and in the heart of the City Centre, the property is prominently situated on the southern side of Church Street, which adjoins High Street and Fargate to the east. Nearby occupiers include Marks & Spencer, Boots the Chemist, WHSmith, Caffè Nero and Starbucks.
Orchard Square Shopping Centre is adjacent to the subject property, with retailers including TK Maxx, Costa and River Island represented. One of the City's tram lines stops to the front of the property.
Tenure
Freehold.
Location
Miles
33 miles south of Leeds, 38 miles east of Manchester
Roads
A57, A61, M1 (Junction 33 & 34)
Rail
Sheffield Railway Station
Air
Robin Hood Doncaster/Sheffield Airport
Situation
Located opposite Sheffield Cathedral and in the heart of the City Centre, the property is prominently situated on the southern side of Church Street, which adjoins High Street and Fargate to the east. Nearby occupiers include Marks & Spencer, Boots the Chemist, WHSmith, Caffè Nero and Starbucks.
Orchard Square Shopping Centre is adjacent to the subject property, with retailers including TK Maxx, Costa and River Island represented. One of the City's tram lines stops to the front of the property.
Tenure
Freehold.
Description
The property, a landmark former bank building, is a Grade II listed property now comprising a large ground floor shop (convenience store) and separate self-contained accommodation accessed from Church Street with ornate features and a large floor to ceiling height at ground floor along with basement and part first floors benefitting from A1/A2 and A3 consent. There is also separate accommodation on part of the first floor, which is not currently let.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, a landmark former bank building, is a Grade II listed property now comprising a large ground floor shop (convenience store) and separate self-contained accommodation accessed from Church Street with ornate features and a large floor to ceiling height at ground floor along with basement and part first floors benefitting from A1/A2 and A3 consent. There is also separate accommodation on part of the first floor, which is not currently let.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
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
Reviews
Part Ground
Retail/ Ancillary
369.85 sq m
(3,981 sq ft)
TESCO STORES LIMITED (1)
20 years from 10/01/2014 until 09/01/2034 (2) on a full repairing and insuring lease
£65,000
10/01/2019 and 5 yearly thereafter (3)
Part Ground Basement Part First
A1/A2/A3/ Ancillary
316.71 sq m 59.55 sq m 144.93 sq m
(3,408 sq ft) (641 sq ft) (1,560 sq ft)
VACANT POSSESSION
-
-
-
Part First (not accessed)
Ancillary
108.98 sq m
(1,173 sq ft)
VACANT POSSESSION
-
-
-
Total
999.88 sq m
(10,763 sq ft)
£65,000
(1) For the year ending 25th February 2017, Tesco Stores Limited reported a turnover of £40,134,000,000, pre-tax profits of £266,000,000 and a total net worth of £749,000,000 (Source: Experian Group 10/01/2018). (2) The lease provides for a tenant option to determine on 10th January 2024. (3) The rent is reviewed in 2019 and 5 yearly thereafter to RPI capped at 4% and collared at 0%.
