Sat Nav Ref: S1 2PD 42/52 CHAPEL WALK, SHEFFIELD HIGH YIELDING RETAIL PARADE IN REGIONAL RETAIL CENTRE

Transcription

1 Sat Nav Ref: S1 2PD 42/52 CHAPEL WALK, SHEFFIELD HIGH YIELDING RETAIL PARADE IN REGIONAL RETAIL CENTRE

2 INVESTMENT SUMMARY Sheffield is the foremost retailing centre within South Yorkshire The property comprises six units located on Chapel Walk, conveniently located between Fargate and Tudor Square This investment provides the opportunity to purchase a highyielding parade in a major retailing destination 74% of income secured to national multiple retailers including Superdrug and Dr.Martens Long Leasehold Total Net Income: 46,826 per annum Price: 220,000 Triple Net Initial Yield: 20.75% Low Capital Value: psf 2 Fawcett Mead

3 A1 A19 A1041 Sheffield is the foremost retailing centre within South Yorkshire A580 A663 A616 A628 LOCATION Sheffield A638 Sheffield is the commercial centre for South Yorkshire and the major retailing destination for the region. The City is located approximately 33 miles south of Leeds, 22 miles west of Doncaster, 38 miles east of Manchester and 175 miles north of London. 556 A49 A34 A523 A53 A623 A515 A61 A614 Communications in Sheffield are excellent. The M1, Junction 4 is located 4.5 miles to the north east providing direct access to Leeds to the North and Nottingham and London to the south. The city has a light railway service called the Supertram, which has 3 main routes within the city centre. A51 A530 A6 The tram network has been undergoing a 32 million upgrade and now connects Sheffield and Rotherham via a direct tram link. A500 A52 A38 A610 A60 Sheffield Railway Station provides regular trains to London St Pancras, with a travel time of two hours. Sheffield Robin Hood Airport is located approximately 12 miles to the north east of the city, while both Leeds Bradford and Manchester International Airport are located within a one hour drive. DEMOGRAPHICS Sheffield has a large primary catchment population of around 637,000, with a large proportion within the age band. This is boosted by the presence of two renowned universities within the city, the University of Sheffield and Sheffield Hallam University, which together have a student population in excess of 60,000. The population is also bolstered by tourism. Tourism is key to the city, with popular attractions in Sheffield including the Winter Gardens, The Crucible Theatre and the Peak District, with an estimated 20 million visitors to the area on an annual basis. 3 Fawcett Mead

4 RETAILING IN SHEFFIELD Sheffield is an extensive and attractive retailing centre, providing approximately 1.56 million sq ft of retail floor space which serves a primary catchment of 637,000. Prime retailing extends along a linear pitch centred around Fargate. SITUATION The property comprises a prominent retail block to the south of Chapel Walk. Chapel Walk provides a popular pedestrianised retail pitch, and serves as the foremost connecting passageway between Fargate and Tudor Square. Tudor Square is home to some of Sheffield s most popular attractions, including The Crucible Theatre, The Lyceum Theatre and Sheffield Winter Garden. M&S Foodall exits onto Chapel Walk, thus vastly increasing pedestrian footfall in the vicinity of the subject property. DESCRIPTION The property comprises six purpose built retail units constructed over ground floor only. The properties all benefit from full-height glazed frontage onto Chapel Walk. 4 Fawcett Mead

5 TENANCY SCHEDULE The property is let in accordance with the tenancy schedule below: Unit Tenant Term (years) Lease start Lease expiry Break Option Rent (pa) Area sq ft 42 Superdrug Stores Plc 10 02/12/ /12/ ,000 1, Michelle Walton 1 13/02/ /08/ ,000 1, Carl Dunne 5 01/06/ /05/ /06/ ,000 1, Cookshop Clearance Co. Ltd 5 10/07/ /07/ ,000 1, Vacant 1, Airwair International Limited 5 03/06/ /06/ /06/ ,000 1,080 Total 124,000 7,617 TENURE Long leasehold - expires % of income secured to national multiple retailers including Superdrug and Dr.Martens The property comprises a total of 7,617 sq ft (NIA). Fawcett Mead have not measured the subject property. All areas have been provided by the vendor. There is a head rent payable of 77,174 per annum. The total net current income is therefore 46,826 per annum. 5 Fawcett Mead

6 EPC An Energy Performance Certificate is available upon request. VAT The property has been elected for VAT purposes. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). PROPOSAL We have been instructed to seek offers in excess of 220,000 (Two Hundred and Twenty Thousand Pounds) subject to contract and exclusive of VAT for our clients leasehold interest in the subject property. A purchase at this level would reflect a net initial yield of 20.75%, assuming purchasers costs of 2.44%. FURTHER INFORMATION Jonathan Mills jonathan@fawcettmead.co.uk Tom Heptonstall tom@fawcettmead.co.uk Joe Baio joe@fawcettmead.co.uk Philip Parsons philip.parsons@allsop.co.uk Tom Hanson tom.hanson@allsop.co.uk For indicative purposes only. Title plan available upon request. Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. Designed by Graphic Outlines Ltd 2017 SUBJECT TO CONTRACT