St Paul's Chambers, Sheffield
St Paul’s Chambers, Sheffield PRIME CITY CENTRE MIXED USE INVESTMENT OPPORTUNITY FOR SALE Investment Summary • St Paul’s Chambers is very well situated in the prime location of the city, forming part of the ‘Heart of the City’. • Occupiers at St Paul’s include; DLA Piper, Barclays Corporate Banking, PwC and the Government Department for Business Innovation & Skills. The leisure occupiers include; Café Rouge, Caffè Nero, Piccolino, Pizza Express, Genting Casino, Cosmo and Smoke BBQ. • The property is a high quality, leisure and retail development, arranged over ground floor and basement, which was fully redeveloped in early 2000’s, comprising 4 self contained units measuring 9,132 sq ft, also benefiting from the ground rent income from the residential apartments above. • The subject interest is held by way of a long leasehold interest expiring 2251 at a peppercorn rent to Sheffield City Council. • A total income of £199,600 per annum and a Weighted Average Unexpired Lease Term (WAULT) of 13.1 years. • The income is underpinned by Mitchells and Butlers Retail (No 2) Limited, with 87% of the WAULT and 57% of the passing rental. • Offers are sought above £3,000,000 (three million pounds), subject to contract and exclusive of VAT. • A purchase at this level represents a Net Initial Yield of 6.25%, after allowing for purchaser’s costs of 6.45%. Sheffield is England’s fourth largest city and the commercial, administrative Sheffield Mainline Station provides direct services to the following UK Location and retail centre of South Yorkshire, with an urban area population of cities with approximate fastest journey times as below: approximately 640,000.
[Show full text]