Location

Sheffield is the commercial centre for South Yorkshire and the major retailing destination for the region.

Road
4 miles from junction 33 of the M1, linking into the national motorway network.

Train
Leeds - 40 mins; Manchester - 50 mins; London - 2 hours.

Airport
Doncaster Sheffield Airport is located approximately 12 miles to the north east city, serving over 55 destinations.

Retailing in Sheffield

The city's prime retail pitch is linear, with 100% prime pitch being the pedestrianised Fargate on which the subject property is located, and extends south down Pinstone Street and thereafter The Moor.

The majority of the UK's main national multiples are represented including Marks & Spencer, TK Maxx, H&M, Boots, River Island, Next, and Waterstones. It has recently been announced that John Lewis will remain in its existing home on Barkers Pool, 300 metres from the subject property, which forms part of the revised plans for the £470m city centre regeneration. The council-led scheme in a JV with Queensbury is concentrated around Pinstone Street and is to include the creation of two new luxury hotels, as well as 1.5 million square feet of space for retailers, offices, restaurants and cafés.

Further information can be found within the marketing particulars.

Situation

The property occupies a 100% prime pitch in a highly prominent trading location on the pedestrianised section of Fargate, opposite Vision Express, Marks & Spencer and Three and a short distance from Metro Bank and Orchard Square.

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Description

The properties are of Yorkshire stone construction under slate roofs.

WH Smith comprises retail accommodation over ground, basement and first floor, with staff accommodation on the second and third floors. WH Smith have recently undertaken an expensive store refurbishment, demonstrating their commitment to the location.

Santander provides retail/banking accommodation over ground and first floors, with ancillary space across basement, second, third and fourth floors.

Tenure

Freehold.

Tenancy

Further information can be found within the schedule below.

Covenant Information

WH Smith Retail Holdings Limited
WHSmith was founded more than 225 years ago, making it one of the oldest chain stores in the world. Since inception, the brand has grown to become a leading retail group and household name in the UK, with over 600 high street stores across the UK and a further 273 stores across 25 countries, servicing more than 240 million customers worldwide each year.

In recent years WHSmith has delivered strong profits while continuing to expand the company's footprint globally; most recently acquiring Marshall Retail Group in the US for $400m.

WH Smith Retail Holdings Limited benefits from a Dun & Bradsheet rating of 5A1.

Further information can be found within the schedule link below.

Santander UK plc
Santander is one of the UK's leading personal financial services companies and one of the largest providers of mortgage and savings products in the UK.

Since its entry into the UK in November 2004, Santander now has approximately 1,200 branches, employs around 193,000 people worldwide and has 15 million active customers.

Santander benefits from a Dun & Bradsheet rating of 5A1.

Further information can be found within the schedule link below.

VAT

The property has been elected for VAT. We anticipate that the transaction will be treated as a Transfer of Going Concern (TOGC).

EPC

WH Smith - C
Santander - C

Identity Checks

In order to comply with anti-money laundering legislation, the successful purchaser will be required to provide certain identification documents. The required documents will be confirmed to and requested from the successful purchaser at the relevant time.

Proposal

Offers sought in excess of £7,700,000 reflecting a net initial yield of 9.25% subject to contract and exclusive of VAT.

Yields are net of purchaser's costs of 6.66%.

Offers will also be considered on an individual basis.

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