HIGHLY REVERSIONARY PRIME CITY CENTRE MIXED USE INVESTMENT OPPORTUNITY FOR SALE

PARADE CHAMBERS EAST PARADE & HIGH STREET S1 2JL INVESTMENT PARADE CHAMBERS SUMMARY EAST PARADE & HIGH STREET SHEFFIELD S1 2JL

• Parade Chambers comprises an attractive, Grade II Listed building situated in the heart of the Quarter, fronting the High Street, immediately off , the city’s main retail parade.

• Located close to all major transport links and the main retail and leisure parades of the city centre.

• The property comprises a multi-let, mixed use opportunity, with the income underpinned by several high quality covenants.

• Freehold.

• The property is currently let to 5 tenants and benefits from a Weighted Average Unexpired Lease Term (WAULT) of 6.16 years to lease expiries and 5.78 years to lease breaks.

• A total current rental income of £388,770 per annum, which reflects a low average rent of £13.51 per sq ft.

• The income is underpinned by Lloyds Bank Plc, who account for 48% of the current total rental income and 42% by WAULT.

Offers are sought in excess of £4,865,000 (Four Million, Eight Hundred and Sixty Five Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level represents a Net Initial Yield of 7.50%, after allowing for purchaser’s costs of 6.57%. Ilkley Colne LEEDS & BRADFORD Tadcaster LOCATION Bingley AIRPORT Beverley Shipley LEEDS Selby Sheffield is England’s fourth largest city and the Bradford Garforth commercial, administrative and retail centre of 1 47 38 M621 43 M606 Hull , with an urban area population of Halifax 26 27 37 30 Castleford approximately 640,000. 41 Brighouse M6231 32 36 Goole 25 33 34 M62 BY CAR 24 40 Pontefract 23 Wakefield M18 M62 39 The city is located 150 miles (240 km) north of London, 33 miles 22 Huddersfield A1(M) 6 (53 km) south of Leeds and 38 miles (61 km) east of Manchester 38 Thorne and benefits from its central location within the UK. 5 1 M181 5 M1 38 M180 2 Immingham 3 The city enjoys excellent access to the national motorway network, 37 BARNSLEY DONCASTER 4 37 RAILPORT 4 with Junctions 31 to 34 of the M1 on the eastern fringe of the Doncaster city, approximately 4 miles (6.5 km) from the city centre. The M1 36 36 3 DONCASTER provides direct access to the north (Leeds, Barnsley and Wakefield) SHEFFIELD and south (Nottingham, Milton Keynes and London). 35 AIRPORT 3 Stocksbridge Glossop ROTHERHAM A1(M) 1 In addition, the M18, accessed at Junction 32 of the M1 provides 34 Gainsborough direct access to the Humberside Ports. The A57 and M67 provide 33 Cheadle SHEFFIELD 32 34 access to Manchester, approximately 38 miles (61 km) to the west. 31 Worksop Wilmslow Dronfield Retford M1 BY TRAIN

30 Sheffield Mainline Station provides direct services to the following Buxton UK cities with approximate fastest journey times as below: Chesterfield Lincoln London (St Pancras) 127 minutes 29 Clay Birmingham 65 minutes Cross Mansfield Manchester 50 minutes Matlock Sutton in Ashfield Nottingham 45 minutes 28 Kirkby in Newark- Leeds 40 minutes Kidsgrove Ashfield on-Trent Ripley 27 Ashbourne Eastwood BY PLANE Belper Newcastle- 26 under-Lyme Ilkeston East Midlands, Leeds-Bradford International and Doncaster Robin NOTTINGHAM Hood Airports are located 47 miles (75 km), 53 miles (85 km), 45 miles (72 km) and 27 miles (44 km) respectively and are all within 1 Beeston Uttoxeter DERBY 25 Grantham hours drive of the city. All provide a range of national, European and Stone Long Eaton international services.

EAST MIDLANDS 24 AIRPORT D E GIB R RALTAR STR E K EET A6 D 1 O O RIVERSIDE LEY WAY SITUATION A61 The Cathedral Quarter is ICKER one of the most attractive W locations in the city centre M1 4 MILES > and is part of the traditional SC OTLAND professional district. East S BRIDG TREET E STREET Parade links Campo Lane WEST BAR CASTL EGATE with High Street, one of S NIG the main public transport H ST VINCENT’S QUARTER CATHEDRAL QUARTER I routes through the city, Q L U L whilst also being directly EE N S CASTLEGate TREE opposite Fargate, the city’s T BANK STREE

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PARADE CHAMBERS EAST PARADE & HIGH STREET SHEFFIELD S1 2JL

DESCRIPTION Parade Chambers is a Grade II Listed building, constructed 1884 of traditional red brick with ashlar under a pitched slate roof. Historically home to the National Westminster Bank, the property was substantially re-modelled internally in the late 1980’s providing fully restored office accommodation above and a new roof.

The ground floor commercial space is predominantly accessed directly from High Street with the offices being accessed from East Parade, via a communal entrance lobby, with 2 lifts and stairs leading to 1st to 4th floor office accommodation. The property also benefits from a basement car park, accessed from York Street, with 16 car parking spaces. PARADE CHAMBERS EAST PARADE & HIGH STREET SHEFFIELD S1 2JL

TENANCIES

Area Lease Lease Rent Break Current Current ERV ERV Property Demise Tenant (sq ft) Start Expiry Review Date Rent pa Rent psf pa psf Comments High Street Units 1,2 1-5 & East & 5/Est Lloyds 8,037 29/09/2013 28/09/2028 29/09/2023 £175,000 £21.77 £192,888 £24.00 Parade 1-3 Prd Bank plc High Street 1-5 & East Units Wise 3,126 15/03/2013 14/03/2023 £24,000 £7.68 £42,201 £14.00 No car parking. Parade 1-3 2-4 Ability Ltd High Street 1-5 & East 1st Tinder 5,030 21/09/2015 20/09/2020 £57,845 £11.50 £67,905 £13.50 Contracted out of L&T Act. Parade 1-3 Floor Foundation No car parking space. High Street Turner & 1-5 & East 2nd Townsend 5,091 01/06/2015 31/05/2025 01/06/2020 £55,320 £10.87 £68,729 £13.50 5 car parking spaces included in rent. Parade 1-3 Floor Group Ltd High Street 1-5 & East 3rd Race Cottam 4,791 20/03/2018 19/03/2024 20/03/2021 £50,305 £10.50 £64,679 £13.50 3 car parking spaces included in rent. Parade 1-3 Floor Associates Ltd Vacant - Vendor High Street 4th to provide a 1-5 & East Floor 12 month rent 2,701 01/06/2019 31/05/2020 £26,300 £9.74 £40,515 £15.00 Parade 1-3 guarantee 28,776 6.16 5.78 £388,770 £13.51 £476,916 £16.57

Income Analysis WAULT Analysis

14% 8% ■ Lloyds Bank Plc ■ Lloyds Bank Plc ■ Wise Ability Ltd 42% ■ Wise Ability Ltd 15% 48% ■ Tinder Foundation 27% ■ Tinder Foundation ■ Turner & Townsend Group Ltd ■ Turner & Townsend Group Ltd ■ Race Cottam Associates Ltd ■ Race Cottam Associates Ltd 16% 6% 7% 17% PARADE CHAMBERS EAST PARADE & HIGH STREET SHEFFIELD S1 2JL

TENURE EPC CONTACTS The property is held Freehold under Title No SYK244734. EPC’s are available upon request. Rob Darrington Richard Wright MRICS: Partner MRICS: Partner DDI: +44 (0) 114 270 9163 DDI: +44 (0) 20 3968 9016 VAT PROPOSAL E: [email protected] E: [email protected] The property has been elected for VAT. The sale can be Offers are invited above£4,865,000 (Four Million Eight Jonny Pickup treated as a Transfer of a Going Concern (TOGC). Hundred and Sixty Five Thousand Pounds), subject to MRICS: Associate contract and exclusive of VAT. M: +44 (0) 7791 032707 E: [email protected] DATA ROOM A purchase at this level represents a Net Initial Yield of 7.50% after allowing for purchaser’s costs of 6.57%. A data room containing all legal and property related information is available on request from CPP.

MISREPRESENTATION ACT These particulars do not constitute part of an offer or contract. All descriptions, dimensions, reference to condition and necessary permission for use and occupation and other details contained herein are for general guidance only and prospective purchasers or tenants should not rely on them as statements or representations of fact and must satisfy themselves as to their accuracy. Neither Commercial Property Partners, nor its employees or representatives have any authority to make or give any representation or warranty or enter into any contract in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function and prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. Prices/rents quoted in these particulars may be subject to VAT in addition. a) These particulars were prepared from preliminary plans and specifications before the completion of the properties and are intended only as a guide. They may have been changed during construction and final finishes could vary. Prospective purchasers should not rely on this information but must get their solicitor to check the plans and specifications attached to their contract. b) We have not made any investigations into the existence or otherwise of any issues concerning pollution of land, air or water contamination and the purchaser is responsible for making his own enquiries in this regard. Designed and produced by www.thedesignexchange.co.uk Tel: 01943 604500. June 2019.