Substantial City Centre Regeneration Opportunity With The ground Floor Leased to Lidl, Poundland And British Heart Foundation
Summary
- Sheffield is the principal commercial centre in South Yorkshire and lies approximately 35 miles (56 km) south of Leeds and 39 miles (62.7 km) east of Manchester.
- Highly prominent location at the junction of High Street and Arundel Gate, opposite Sheffield Hallam University Campus in the heart of Sheffield city centre.
- Freehold mixed use asset compromising a total of 154,581 sq ft (14,361 sq m) with potential to increase to 176,614 sq ft (16,408 sq m) GIA.
- Ground floor retail units let to Lidl, Poundland and British Heart Foundation.
- New 25 year lease to Lidl with CPI linked reviews.
- Significant opportunity for alternative uses on the vacant accommodation (student, life sciences, residential, hotel, education and storage), subject to the necessary planning consents.
- The asset has had the benefit of a planning consent for 330 student beds (now expired) Planning Ref: 18/00858/FUL
- Seeking offers in excess of £9M (Nine Million Pounds) for the freehold interest in the property, reflecting a net initial yield of c. 9.20% on the retail income, after allowance for purchaser’s costs of 6.8%, and a capital value of £40 per sq ft for the vacant accommodation, subject to contract and exclusive of VAT.
