Prime Retail Investment Opportunity 27/29 High Street, Sheffield, S1

Prime Retail Investment Opportunity
27/29 High Street, Sheffield, S1 2GA
27/29 High Street
Sheffield, South Yorkshire, S1 2GA
Prime Retail Investment Opportunity
Investment Summary
 Situated in Sheffield city centre, fronting High Street, within close
proximity to the northern point of Fargate, Sheffield’s prime retail
pitch.
 Fully let retail investment to C.E.X. Limited, All Seasons Cosmetics
Ltd and Peters Shoe Repairs.
 Freehold.
 The whole property extends to a combined ground floor net
internal sales area of 399.58 sq m (4,302 sq ft).
 Passing rent of £138,000 per annum exclusive.
 Benefitting from a new 10 year lease to C.E.X. Limited at £95,000
per annum exclusive, accounting for 69% of the total income.
 A Weighted Average Unexpired Lease Term of over 9 years.
 Offers in excess of £1,500,000 (One Million, Five Hundred
Thousand Pounds) subject to contract and exclusive of VAT,
reflecting a net initial yield of 8.70%, assuming usual purchaser’s
costs of 5.80%.
www.wsbproperty.co.uk
27/29 High Street
Sheffield, South Yorkshire, S1 2GA
Prime Retail Investment Opportunity
Location
The city of Sheffield, in South Yorkshire, is known for its precision steel and
cutlery industries. The city is the principal commercial and administrative
centre for South Yorkshire. Sheffield is located approximately 35 miles
south of Leeds, 165 miles north of London, 40 miles south east of
Manchester and 77 miles south west of Hull.
Sheffield is home to The Meadowhall shopping centre which is one of the
UK’s major shopping malls, as well as the Sheffield Arena, which hosts a
number of consents. Sheffield has two universities, Sheffield University and
Sheffield Hallam University, which attract national and international
students.
Sheffield has a population of 552,698 according to the 2011 UK census,
and also forms part of the wider Sheffield metropolitan area, which has a
reported population of 1,569,000.
Situation
The property is situated on High Street in Sheffield city centre, in close
proximity to the northern end of Fargate, the city’s main retail pitch. High
Street leads to Arundel Gate and Park Square Roundabout to the east
and Church Street and Fargate to the west. The property benefits by
being in close proximity to a number of tram and bus stops along High
Street.
Surrounding occupiers include Sainsbury’s Local, Santander, Halifax,
Cavell’s Café Bar, Natwest, McDonalds and Max Spielmann.
Sheffield is conveniently located in close proximity to a number of major
roads including the M1, M18, A61 and A57. The city is served by the
Stagecoach Supertram which runs from the city centre and stretches out
as far out as Middlewood and Halfway. Sheffield's mainline railway station
runs on the Midland Mainline and provides a regular service to London St
Pancras with a fastest journey time of approximately 2 hours 10 minutes.
www.wsbproperty.co.uk
27/29 High Street
Sheffield, South Yorkshire, S1 2GA
Prime Retail Investment Opportunity
Description
The property comprises three retail units, two of which are at ground floor only and the third
central unit which is demised the upper floors at both the front and rear of the building. The
building is of stone wall elevations with the front element surmounted by a pitched roof with a
parapet wall and the rear section surmounted by a flat roof.
27/29 High Street
The middle retail unit is occupied by C.E.X. Ltd and branded externally and internally
accordingly. The unit provides an irregular shaped retail unit, with the retail sales area being
narrow to the front, widening to the middle and rear and fitted out with perimeter and aisle
racking, till counters, vinyl flooring and suspended ceiling. To the rear is a storage room and
stairs to the first floor rear element. The first floor (rear) comprises a staff welfare room, male
and female WCs, and office. The tenant is demised the upper floors to the front, however we
did not internally inspect this element.
Unit 1, 27/29 High Street
The right hand side retail unit is occupied by All Seasons Cosmetics Ltd and forms a rectangular
shaped retail unit, fitted out with aisle and perimeter racking with till counter to the rear with
carpeted floors and no ancillary area.
Unit 2, 27/29 High Street
The left hand side retail unit is occupied by Peters and is fitted out as a shoe repair and key
cutting shop and is fitted with the associated machinery with till counter and WC to the rear.
Address
Unit 1, 27/29 High Street
27/29 High Street - Ground Floor Sales
27/29 High Street - Ground Floor Ancillary
27/29 High Street - First Floor (Rear) Ancillary
27/29 High Street - Upper Floors (Front)
Unit 2, 27/29 High Street
NIA Sq M
38.79
345.69
9.42
36.74
NIA Sq Ft
418
3,721
101
395
Not Inspected
15.10
163
Tenure
We understand the Property is held on a freehold basis. The extent of the demise is highlighted
in the ProMap to the right.
www.wsbproperty.co.uk
27/29 High Street
Sheffield, South Yorkshire, S1 2GA
Prime Retail Investment Opportunity
Tenancy Schedule
The property is fully let to three tenants at a combined passing rent of £138,000 per annum exclusive.
The property has a weighted average unexpired lease term of 9.03 years. Each lease has been made
on effective FRI terms. The full tenancy details are summarised below.
The property has been measured in accordance with the RICS code of measuring practice 6 th edition.
We did not internally inspect the upper floors to the front of the building.
Address
Tenant
Unit 1, 27/29
27/29 High St
Unit 2, 27/29
All Seasons Cosmetics Ltd
C.E.X. Limited
Peter Bullock
GF Sales
NIA Sq Ft
Passing
Rent
Rent
Per Sq Ft
Lease
Expiry
Rent
Review
Term
Remaining
418
3,721
163
£26,000
£95,000
£17,000
£138,000
£62.27
£25.53
£104.56
28/09/25
09/03/26
10/01/16
29/09/20
10/03/21
11/01/11
9.93
10.37
0.20
We would note that Peter Bullock has 2 ½ months till expiry that the lease is within the LTA 54 and that
no notice has been served or received with regard to a lease extension or to vacate.
Covenant Information
The property is fully let to C.E.X. Limited, All Seasons Cosmetics Ltd and Peter Bullock Esq t/a Peters, we
summarise the accounts of C.E.X. below;
Tenant
C.E.X. Limited
Year Ending
30/06/13
30/06/12
30/06/11
Turnover
£
100,317,844
77,543,142
66,790,222
Pre-tax Profit
£
264,367
98,569
125,910
Total Assets
£
16,128,578
12,635,615
10,438,771
Shareholder’s
Funds £
705,252
544,845
522,791
We would note that All Seasons Cosmetics Ltd (Co. No. 09436954) was incorporated in February 2015
and that the Peters Shoe Repair unit is in Peter Bullock‘s personal name.
www.wsbproperty.co.uk
27/29 High Street
Sheffield, South Yorkshire, S1 2GA
Prime Retail Investment Opportunity
EPC
EPCs are available on request.
VAT
The property is elected VAT.
Proposal
We are instructed to seek offers in excess of £1,500,000 (One Million, Five Hundred Thousand
Pounds) subject to contract and exclusive of VAT, reflecting a net initial yield of 8.70%, assuming
usual purchaser’s costs of 5.80%.
Further Information
For further information and in order to arrange an inspection, please contact;
David Watson
0113 234 1444
[email protected]
Chris Watt
0113 234 1444
[email protected]
Misrepresentation Act 1967: WSB Property Consultants LLP for itself and for the vendor(s) or lessor(s) of this property whose agent it is give notice that
1. These particulars do not constitute any part of an offer or contract.
2. None of the statements contained in these particulars as to the property(s) are to be relied on as statements or representations of fact.
3. Any intending purchaser must satisfy himself/herself by inspection or otherwise as to the correctness of each of the statements contained in these particulars.
4. The vendor(s) or lessor(s) do not make or give and neither WSB Property Consultants LLP nor any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property.
5. None of the buildings services or service installations (whether these be the specific responsibility of the freeholder, lessor or lessee) have been tested and are not warranted to be in safe and working order.
Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of VAT. Consumer Protection from Unfair Trading Regulations 2008 and Business Protection from Misleading Marketing Regulations 2008: Every reasonable
effort has been made by WSB Property Consultants LLP to ensure accuracy and to check the facts contained in these particulars are complete. Interested parties are strongly advised to take appropriate steps to verify by independent
inspection or enquiry all information for themselves and to take appropriate professional advice.
Design and production by WSB Property Consultants LLP November 2015.