Sheffield is the UK's most centrally located city region; situation adjacent to the M1 Motorway and sitting approximately 35 miles south of Leeds, 38 miles east of Manchester and 150 miles north of London. It is the 4th largest city in England with a population of c.585,000 across the district.
The property comprises a refurbished modern office building which provides flexible accommodation arranged over lower ground, ground and 11 upper floors. The property has a total net internal area of 57,243 sq ft. The property provides a total of 21 car parking spaces at a ratio of 1:2,726 sq ft.
The property was constructed in the 1960s and finished to a high specification. The building has been well maintained and has been refurbished on a floor by floor basis. Recent works have included full window replacement and the installation of a new air conditioning and heating system.
The property now benefits from the following specification:
The Property is held freehold with the exception of part basement 1, 2 and 3 as per title number SYK240698.
The NCP car park and ground floor restaurant on Campo Lane have been sold off on a long leasehold basis.
The ground floor car park on Campo Lane is included in the vendors demise.
The property has a passing rent of £646,485, equating to a low rent of only £11.29 per sq ft overall. The WAULT is 2.64 years to expiry and 1.33 years to break. An excel tenancy schedule can be provided on request.
Covenants 6 Tenants 60% of Let Income
The Property is elected for VAT.
to seek offers in excess of £6,500,000 (Six Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a net initial yield of 9.33% and a reversionary yield of 11.59%, after assuming purchaser's costs of 6.63% and a low capital value of approximately £114 per sq ft.