Prime Retail Investment Opportunity

27/29 High Street, , S1 2GA 27/29 High Street Sheffield, South , S1 2GA

Prime Retail Investment Opportunity

Investment Summary

 Situated in Sheffield city centre, fronting High Street, within close proximity to the northern point of , Sheffield’s prime retail pitch.

 Fully let retail investment to C.E.X. Limited, All Seasons Cosmetics Ltd and Peters Shoe Repairs.

 Freehold.

 The whole property extends to a combined ground floor net internal sales area of 399.58 sq m (4,302 sq ft).

 Passing rent of £138,000 per annum exclusive.

 Benefitting from a new 10 year lease to C.E.X. Limited at £95,000 per annum exclusive, accounting for 69% of the total income.

 A Weighted Average Unexpired Lease Term of over 9 years.

 Offers in excess of £1,500,000 (One Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT, reflecting a net initial yield of 8.70%, assuming usual purchaser’s costs of 5.80%.

www.wsbproperty.co.uk 27/29 High Street Sheffield, , S1 2GA

Prime Retail Investment Opportunity

Location The , in South Yorkshire, is known for its precision steel and cutlery industries. The city is the principal commercial and administrative centre for South Yorkshire. Sheffield is located approximately 35 miles south of Leeds, 165 miles north of , 40 miles south east of Manchester and 77 miles south west of Hull.

Sheffield is home to The Meadowhall shopping centre which is one of the UK’s major shopping malls, as well as the Sheffield Arena, which hosts a number of consents. Sheffield has two universities, Sheffield University and Sheffield Hallam University, which attract national and international students.

Sheffield has a population of 552,698 according to the 2011 UK census, and also forms part of the wider Sheffield metropolitan area, which has a reported population of 1,569,000.

Situation The property is situated on High Street in Sheffield city centre, in close proximity to the northern end of Fargate, the city’s main retail pitch. High Street leads to Arundel Gate and Park Square Roundabout to the east and Church Street and Fargate to the west. The property benefits by being in close proximity to a number of tram and bus stops along High Street.

Surrounding occupiers include Sainsbury’s Local, Santander, Halifax, Cavell’s Café Bar, Natwest, McDonalds and Max Spielmann.

Sheffield is conveniently located in close proximity to a number of major roads including the M1, M18, A61 and A57. The city is served by the Stagecoach Supertram which runs from the city centre and stretches out as far out as Middlewood and Halfway. Sheffield's mainline railway station runs on the Midland Mainline and provides a regular service to London St Pancras with a fastest journey time of approximately 2 hours 10 minutes.

www.wsbproperty.co.uk 27/29 High Street Sheffield, South Yorkshire, S1 2GA

Prime Retail Investment Opportunity

Description The property comprises three retail units, two of which are at ground floor only and the third central unit which is demised the upper floors at both the front and rear of the building. The building is of stone wall elevations with the front element surmounted by a pitched roof with a parapet wall and the rear section surmounted by a flat roof.

27/29 High Street The middle retail unit is occupied by C.E.X. Ltd and branded externally and internally accordingly. The unit provides an irregular shaped retail unit, with the retail sales area being narrow to the front, widening to the middle and rear and fitted out with perimeter and aisle racking, till counters, vinyl flooring and suspended ceiling. To the rear is a storage room and stairs to the first floor rear element. The first floor (rear) comprises a staff welfare room, male and female WCs, and office. The tenant is demised the upper floors to the front, however we did not internally inspect this element.

Unit 1, 27/29 High Street The right hand side retail unit is occupied by All Seasons Cosmetics Ltd and forms a rectangular shaped retail unit, fitted out with aisle and perimeter racking with till counter to the rear with carpeted floors and no ancillary area.

Unit 2, 27/29 High Street The left hand side retail unit is occupied by Peters and is fitted out as a shoe repair and key cutting shop and is fitted with the associated machinery with till counter and WC to the rear.

Address NIA Sq M NIA Sq Ft Unit 1, 27/29 High Street 38.79 418 27/29 High Street - Ground Floor Sales 345.69 3,721 27/29 High Street - Ground Floor Ancillary 9.42 101 27/29 High Street - First Floor (Rear) Ancillary 36.74 395 27/29 High Street - Upper Floors (Front) Not Inspected Unit 2, 27/29 High Street 15.10 163

Tenure We understand the Property is held on a freehold basis. The extent of the demise is highlighted in the ProMap to the right.

www.wsbproperty.co.uk 27/29 High Street Sheffield, South Yorkshire, S1 2GA

Prime Retail Investment Opportunity

Tenancy Schedule The property is fully let to three tenants at a combined passing rent of £138,000 per annum exclusive. The property has a weighted average unexpired lease term of 9.03 years. Each lease has been made on effective FRI terms. The full tenancy details are summarised below.

The property has been measured in accordance with the RICS code of measuring practice 6th edition. We did not internally inspect the upper floors to the front of the building.

Address Tenant GF Sales Passing Rent Lease Rent Term NIA Sq Ft Rent Per Sq Ft Expiry Review Remaining Unit 1, 27/29 All Seasons Cosmetics Ltd 418 £26,000 £62.27 28/09/25 29/09/20 9.93 27/29 High St C.E.X. Limited 3,721 £95,000 £25.53 09/03/26 10/03/21 10.37 Unit 2, 27/29 Peter Bullock 163 £17,000 £104.56 10/01/16 11/01/11 0.20 £138,000

We would note that Peter Bullock has 2 ½ months till expiry that the lease is within the LTA 54 and that no notice has been served or received with regard to a lease extension or to vacate.

Covenant Information The property is fully let to C.E.X. Limited, All Seasons Cosmetics Ltd and Peter Bullock Esq t/a Peters, we summarise the accounts of C.E.X. below;

Tenant Year Ending Turnover Pre-tax Profit Total Assets Shareholder’s £ £ £ Funds £ C.E.X. Limited 30/06/13 100,317,844 264,367 16,128,578 705,252 30/06/12 77,543,142 98,569 12,635,615 544,845 30/06/11 66,790,222 125,910 10,438,771 522,791

We would note that All Seasons Cosmetics Ltd (Co. No. 09436954) was incorporated in February 2015 and that the Peters Shoe Repair unit is in Peter Bullock‘s personal name.

www.wsbproperty.co.uk 27/29 High Street Sheffield, South Yorkshire, S1 2GA

Prime Retail Investment Opportunity

EPC EPCs are available on request.

VAT The property is elected VAT.

Proposal We are instructed to seek offers in excess of £1,500,000 (One Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT, reflecting a net initial yield of 8.70%, assuming usual purchaser’s costs of 5.80%.

Further Information For further information and in order to arrange an inspection, please contact;

David Watson 0113 234 1444 [email protected]

Chris Watt 0113 234 1444 [email protected]

Misrepresentation Act 1967: WSB Property Consultants LLP for itself and for the vendor(s) or lessor(s) of this property whose agent it is give notice that 1. These particulars do not constitute any part of an offer or contract. 2. None of the statements contained in these particulars as to the property(s) are to be relied on as statements or representations of fact. 3. Any intending purchaser must satisfy himself/herself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither WSB Property Consultants LLP nor any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property. 5. None of the buildings services or service installations (whether these be the specific responsibility of the freeholder, lessor or lessee) have been tested and are not warranted to be in safe and working order. Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of VAT. Consumer Protection from Unfair Trading Regulations 2008 and Business Protection from Misleading Marketing Regulations 2008: Every reasonable effort has been made by WSB Property Consultants LLP to ensure accuracy and to check the facts contained in these particulars are complete. Interested parties are strongly advised to take appropriate steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice.

Design and production by WSB Property Consultants LLP November 2015.