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SHEFFIELD 44-62 PINSTONE STREET PROMINENT CITY CENTRE INVESTMENT 44-62 PINSTONE STREET 2

Investment Summary

• England’s sixth largest city and a significant shopping, leisure and cultural destination • Located within Sheffield’s £500m redevelopment quarter, known as “Heart of the City 2” Proposal • Prominently located in a high footfall location linking The Moor and • Secured to the national covenants of The Co-Operative Bank, Toni & Guy and Skipton Building Society Income: £186,030 • Long WAULT of 7.2 years to expiry and 5.3 years to breaks Offers in the region of: £2,000,000 • Strong occupational story; Toni & Guy and The Co-Operative Bank have both recently removed Net Initial Yield: 8.75% breaks and Skipton Building Society is a new letting • Freehold Harrogate 8 Skipton A6 York Ilkley A 59 A614 A61 A64 A1(M) (A163) A65 A6068 A1035 LEEDS & 58 Tadcaster A19 A165 A Clitheroe Keighley A650 BRADFORD 14 Bingley A1079 Beverley 13 Colne 12 Nelson A59 3 32 LEEDS 4 1 Selby A614 6 M55 Padiham Garforth 1 10 A 8 Burnley A63 A63 Preston 1 47 A1 38 Hull 31 M657 BRADFORD 43 A 6 10 M62 Blackburn 4 27 1 A63 30 Halifax 26 37 TodmordenA646 30 Castleford A645 A59 29 9 Batley 41 Leyland 28 31 32 36 Goole Darwen Brighouse 25 33 34 M62 A15 8 A58 24 Dewsbury 40 Pontefract 23 Wakefield M18 A M6 Chorley 39 570 1 22 M62 Huddersfield 59 A638 6 Sheffield A 38 Bury M66 21 Thorne M181 Scunthorpe A62 A61 Hemsworth Ormskirk 27 M61 Bolton 2 5 1 Location5 20 44-62 PINSTONE STREET 19 38 6 A58 3 M1 2 M180 SkelmersdaleStandish M180 3 5 A58 4 37 4 3 4 Barnsley 37 4 3 5 3 17 M58 Wigan M6615 Doncaster 1 25 14 Kirkby A628 A616 36 36 Sheffield isA46 England’s sixth largest city and a significant 24 3 6 23 A159 5 MANCHESTER 35 ROBIN HOOD M62 1 3 Stocksbridge shopping, leisure and cultural destination, as well as being 4 A 22 6 AIRPORT Rotherham A1(M) 1 3 11 Glossop A631 5 2 9 1 A631 M62 9 34 4 5 7 M60 34 the principle administrative centre for South Yorkshire. 33 32 5 34 Gainsborough 20 6 SHEFFIELD 7 31 Bordering Derbyshire, the Peak District and the Pennines, MANCHESTER 11 M5610 Retford A46 12 19 M1 the city is located approximately 57 km (35 miles) south of 8 A1 A156 9 A158 re 30 A t 10 14 57 Leeds, 67 km (42 miles) east of Manchester and 270 km Buxton Chesterfield 16 M6 Macclesfield Lincoln 12 (168 miles) north of London. 18 29 Chester Mansfield 17 Crewe Matlock Leek 28 A15 Newark- A17 A483 The city is located in the 16 on-Trent Nantwich STOKE-ON-TRENT 27 A607 Ashbourne A46 A17 Newcastle- 26 heart of the UK and benefits 15 Under-Lyme NOTTINGHAM A1 A52 Uttoxeter 25 Grantham fromA52 excellent transport

DERBY A15 A607 24 14 EAST communications. Sta d MIDLANDS Spalding A 5 23 Newport 13 A42 M6 M1 A607 By road, the M1 (junctions 33 & 34) passes north-east of the city centre connecting Sheffield and Leeds to the north and Nottingham to the south as well as Doncaster via the M18 to the north-east. The M62 motorway dissects the M1, 49 km (30 miles) to the north.

The city also benefits from good rail links with the Supertram (light rail system) serving the city centre (3 main routes). The city has a mainline railway station which provides frequent and direct services to London (St Pancras) and Birmingham with fastest journey times of approximately 126 mins and 64 mins, respectively. Sheffield 44-62 PINSTONE STREET 4

Demographics

The total population within the Sheffield Primary Retail International and domestic employers within the city include HBOS, Market Area is estimated at 451,000, with the wider Nationwide, Aviva, HSBC, Santander, Sky, Eon and Plus Net. In addition, metropolitan area extending to 1,569,000. The city the public sector is a large employer in the city, where employment is benefits from a high proportion of 15-24 year olds and dominated by Sheffield City Council, the Department for Children, School an above average proportion of AB and C1 social groups. & Families and the Department for Work & Pensions. The population is The city’s population is enhanced by the presence of also bolstered by tourism, with popular attractions in Sheffield including two universities, Sheffield and Sheffield Hallam, with in the Winter Gardens, the Crucible Theatre and the nearby Peak District, excess of 62,000 students. with an estimated 20 million visitors per annum. Sheffield Retailing in Sheffield 5 44-62 PINSTONE STREET Sheffield is an extensive and varied retailing centre, providing approximately 1.67 million sq ft of retail floor space. Promis ranks the city 21st out of 200 centres in terms of the volume of total retail spend available within the Primary Retail Market Area.

The city’s prime retail pitch is linear, extending from Fargate in the north, through Pinstone Street and Barkers Pool to The Moor in the south. The majority of the UK’s key national multiples are represented within the retail core, including:

Sheffield is the sixth largest city in England, with a metropolitan area extending to 1.57 million people Sheffield 44-62 PINSTONE STREET 6

Subject Property

Heart of the City II

Surrounding the subject property is the Heart of the City Rather than creating new streets, the scheme II, a £500 million city centre regeneration. The scheme follows the site’s existing street patterns, helping is a joint venture between Sheffield City Council and to better integrate and complement surrounding Queensbury and will provide a mixed-use, vibrant quarter shopping districts. It has allowed the Council to in the city centre. This development will build on the retain much of the city’s heritage, including key success of the original Heart of the City project that kick frontages along Pinstone Street and Cambridge started the regeneration of at the Street. The development is phased and due to start of the Millennium, providing an additional 1.5 million complete in 2024. The most recent advancements square feet. The new mixed-use scheme will comprise of made include the selection of the Radisson Blu high-quality retail, Grade A offices, hotel and residential hotel to occupy the building adjacent to the developments, restaurants and cafés, leisure destinations, subject property and top 10 global law firm, CMS, parking and stunning public realm. taking 47,500 sq ft of Grade A office space. Sheffield Situation 7 44-62 PINSTONE STREET The subject property occupies a strong retailing location on the western side of Pinstone Street. The property benefits from high footfall due to its close proximity to the entrance of John Lewis, 100 meters to the west. The property is situated opposite , which host farmers markets, food festivals and winter gardens. Prominent nearby occupiers include:

Located adjacent Description to the 1.5m sq ft The property comprises of three well configured retail units, situated over ground floor and basement. Unit 60-62 Pinstone Street, city regeneration, let to Co-Op Bank, benefits from a glazed return frontage. The units have all been recently re-fitted and present well. known as ‘Heart The upper floors have been sold off on a long leasehold basis to Elmdon Real Estate, with an unexpired term of 133 years. of The City II’ Accommodation and Tenancy Schedule Sheffield 44-62 PINSTONE STREET 8

Lease Ground Lease Expiry Rent Current Basement Total Unit Tenant Commencement ZA Sales ITZA Comments (Break Option) Review Rent PA (sq ft) (sq ft) Start (sq ft)

The tenant recently removed their 60-62 Pinstone The Co-Operative July 2021 break option 20/07/2016 19/07/2026 20/07/2021 £80,000 £65.80 1,676 1,175 808 2,484 Street Bank Plc demonstrating their commitment to the unit. The tenant recently removed their 52 Pinstone Toni&Guy North Ltd September 2020 break option 07/09/2015 06/09/2025 07/09/2020 £33,000 £73.00 658 429 489 1,147 Street t/a Toni & Guy demonstrating their commitment to the unit.

44-50 Pinstone Skipton Building 10/02/2030 11/02/2020 11/02/2025 £72,500 £71.00 1,588 956 1,222 2,810 New letting. Street Society (11/02/2025)

Part Ground to Upper parts sold off at a pepper- Elmdon Real Estate 01/08/2003 31/07/2153 - £0 - - - - - 4th Floor corn rent, 133 years unexpired.

Rent review recently agreed at Substation Northern Power 29/09/2002 28/09/2022 - £530 - - - - - £530.

Total £186,030 3,922 2,519 6,441

Long weighted average unexpired lease term of Tenure 7.2 years to expiry and 5.3 years to breaks Freehold. Sheffield 9 44-62 PINSTONE STREET

Covenant

Secured to

the national The Co-Operative Bank P.L.C (Company Skipton Building Society is a building Toni&Guy North Limited (Company No. 0990937) is a retail and commercial society which was established in No. 02936213) is a franchise of Toni covenants of bank in the United Kingdom, with its Skipton in 1853, where it remains & Guy, a British chain of hairdressing headquarters in Manchester. The bank headquartered. It is the UK’s 4th salons founded in the UK in 1963. Co-Op Bank, was originally founded in November 1872 largest building society and has over The franchise trades under the Toni & Toni & Guy and currently operates from 68 branches. 1 million members and 100 branches. Guy name and has been established In 2019 The Co-Operative Bank provided The building society reported £153.2 for over 24 years. Toni & Guy operate and Skipton funding for £3.8 billion of new mortgage million in group profits before tax in from 500 salons in almost 50 countries completions as well as holding 2019 and a £1.9 billion mortgage book. around the world. Building Society £18.9 billion in customer deposits. Sheffield - Central

Sheffield 44-62 PINSTONE STREET 10

EPC

EPCs are available on request.

VAT

The property has been elected for VAT purposes. It is anticipated that the investment sale will be treated as a Transfer of a Going Concern (TOGC).

TO BE RADISSON BLU

Proposal

TO BE RADISSON BLU We are instructed to seek offers for our client’s freehold interest in excess of £2,000,000 reflecting a Net Initial Yield of 8.75%, allowing for purchaser’s costs of 6.28%.

Experian Goad Plan Created: 06/07/2020 Created By: Jones Lang LaSalle Ltd 50 metres For more information on our products and services: Copyright and confidentiality Experian, 2020. © Crown copyright and database rights 2020. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 Further Information Jonathan Heptonstall Frankie Maddox Christopher Robinson T: +44 (0)207 318 7843 T: +44 (0)207 399 5744 T: +44 (0)207 087 5624 For further information or to arrange an inspection, M: +44 (0)7920 020039 M: +44 (0)7525 872 749 M: +44 (0)7816 340730 please contact the sole agent: [email protected] [email protected] [email protected]

MISREPRESENTATION ACT JLL, for themselves and for the vendors of this property, whose agents they are, give notice that (i) the particulars and any further information communicated by any means to potential purchasers of the property described in the particulars, or their advisers, in connection with the possible sale of the property are provided solely for the purpose of assisting potential purchasers in deciding whether they wish to proceed with further investigation of the property and do not constitute either the whole or any part of an invitation, offer or contract for sale of the property; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct as at the date of the particulars (or the date of the relevant information if earlier). However, potential purchasers are not entitled to rely on them as statements or representations of fact but should satisfy themselves by searches, enquiries, surveys and inspections or otherwise with regard to the accuracy of such details. No responsibility or liability is or will be accepted by JLL, the vendor(s) of the property or any of their respective subsidiaries, affiliates, directors, officers, representatives, employees, advisors, or agents for any loss or damage suffered by any party, resulting from reliance on the particulars or any other information communicated by any means to that party, or its advisers, in connection with the possible sale of the property. No person in the employment of Jones Lang LaSalle or the vendor(s) has authority to make or give any representation or warranty, express or implied, in relation to the property. References to JLL include any joint agents acting with Jones Lang LaSalle. Designed by Graphic Outlines Ltd. July 2020