8-24 High Street & 12-14 George Street

Residential Investment Opportunity 8-24 HIGH STREET & 12-14 GEORGE STREET SHEFFIELD S1 2PF Asset management opportunity comprising 26 prime located flats in Sheffield city centre Investment Considerations • Head leasehold (250 year lease to be executed on sale) • Comprising 26 self-contained flats above ground floor retail • 2 x studios • 4 x one beds • 20 x two beds • Prime location on main Sheffield City Centre high street • Asset management opportunity to significantly increase income • Period property with attractive features and high ceilings throughout • Estimated Rental Value (fully let): £183,600 per annum • Gross Yield: 9.9% (based on ERV) Location Sheffield is England’s fourth largest city and the principle administrative centre within South Yorkshire. Bordering Derbyshire, the Peak District and the Pennines it is located approximately 56 km (35 miles) to the south of Leeds, 67 km (42 miles) east of Manchester and 270 km (168 miles) north of London. The city benefits from excellent road communications, with the M1 (Junctions 33 & 34) to the north-east. It also benefits from good rail links with the Supertram serving the city centre and the mainline station providing frequent direct services to London (St Pancras) and Birmingham with fastest journey times of 126 minutes and 64 minutes respectively. Sheffield is also served by Robin Hood Airport, located approximately 19 km (12 miles) to the north-east, handling over 1m passengers a year. Leeds/Bradford and Manchester airports are also within an hour’s drive. The subject occupies a prominent position at the junction of High Street and Fargate in Sheffield city centre. The Supertram route from east to west Sheffield goes along High Street, as well as a number of main bus routes. Part pedes- trianised, High Street and adjacent streets provide all the shops and amenities of a major city centre. Immediate neighbours of the subject include the popular Curzon Cinema, Natwest and Halifax banks, McDonalds, Boots and HMV. The Train Station in Sheffield is within a short 10 minute walk of the subject (0.5 mile). The property is only a short 0.5 mile (800 km) walk from the new Sheffield Retail Quarter development which is to be anchored by a new HSBC office, housing in excess of 2,500 staff from the bank. A similar distance from the property is Sheffield Hallam University. Description The subject building is a Grade II listed property with a stone facade under a slate covered pitched roof. We understand the property was substantially redeveloped behind the listed facade in the late 1990’s. No’s 8-24 High Street comprise a retail parade of four units, not included in this sale. The head leasehold interest contains 26 self-contained flats (2 x studios, 4 x one beds and 20 x two beds), all accessed via George Street, to the rear of 8-24 High Street. Accommodation spans over first, second and two upper floors above the ground floor retail accommodation. There are two lifts within the building. Tenancy and Accommodation Schedule Area Tenancy Start Passing Rent Passing Rent Flat No Block Aspect Floor Lift Access Beds Status (sqft, EPC) Date (pcm) (pa) 101 George Street Street First No 2 679 Void 102 George Street Lightwell First Yes 2 650 6 month term 24/08/2018 £585 £7,020 103 George Street Street First Yes Studio 275 Rolling contract 18/07/2013 £450 £5,400 201 High Street Street Second Yes 2 662 Rolling contract 01/02/2018 £585 £7,020 202 High Street Street Second Yes 2 650 6 month term 02/06/2018 £555 £6,660 203 High Street Street Second Yes 2 650 6 month term 25/07/2018 £550 £6,600 204 High Street Rear Second Yes 2 675 Rolling contract 16/07/2015 £600 £7,200 205 High Street Rear Second Yes 2 564 Void 206 George Street Street Second No 2 679 Void 207 George Street Rear Second Yes Studio 400 Void 208 George Street Rear Second No 2 682 Rolling contract 12/05/2018 £555 £6,660 209 George Street Street Second No 1 508 Void 210 George Street Street Second No 1 473 Rolling contract 20/07/2017 £500 £6,000 301 High Street Street Third Yes 2 662 6 month term 27/06/2016 £570 £6,840 302 High Street Street Third Yes 2 650 6 month term 10/08/2018 £550 £6,600 303 High Street Street Third Yes 2 650 Rolling contract 08/07/2016 £570 £6,840 304 High Street Rear Third Yes 2 675 Rolling contract 01/06/2018 £555 £6,660 305 High Street Rear Third Yes 2 564 Rolling contract 18/05/2015 £550 £6,600 306 George Street Street Third No 2 682 Void 307 George Street Rear Third No 2 682 Void 401 High Street Dual Fourth Yes 2 700 Void 402 High Street Street Fourth Yes 1 427 Void 403 High Street Street Fourth Yes 1 427 Void 404 High Street Street Fourth Yes 2 650 Void 405 High Street Rear Fourth Yes 2 675 Void 406 High Street Rear Fourth Yes 2 564 Void Total £86,100 Tenure Opportunity 8-24 High Street & The property is held by way of a Head Lease for a term of 250 years from (and The 26 flats and associated common parts were subject to an overriding lease to 12-14 George Street including) the date of completion, at a peppercorn ground rent. Home Group but a surrender was executed 30 November 2018, handing back Sheffield full control to our client. S1 2PF The Freeholder is Vintage Capital (No.2) Limited. A copy of the Head Lease is available to view/ download from the data room. Our client wishes to retain the freehold of 8-24 High Street and 12-14 George Street, Sheffield, S1 2PF and control of the ground floor retail units. We are Rent Reserved instructed to seek offers for the upper floor residential element of 8-24 High Street and 12-14 George Street, Sheffield, S1 2PF subject to a 250 year headlease (a Proposal The current rent passing is £86,100 per annum. There are currently 13 flats let copy of which can be found on the data room). Our client proposes the lease is executed on Completion. subject to Assured Shorthold Tenancies, whilst 13 are vacant. Offers are invited in At the time of marketing, 13 of the flats are subject to ASTs and 13 flats are excess of £1,850,000 A full flat-by-flat breakdown is available to download from the data room. vacant. This reflects the occupancy at 30 November on surrender of the lease. for the Head Leasehold We are of the opinion, without any improvement work, the subject flats carry an interest, subject to Additional Information Estimated Rental Value of £183,600 per annum. This is based on current rents all existing tenancies, subject to contract Additional information can be found on the following data room: achieved for the 13 tenanted flats. https://datarooms.allsop.co.uk/register/highstreetsheffield. An offer at asking price (£1,850,000) would therefore generate a high gross yield of 9.9% and equate to a low average capital value of £118psf. The average Contacts Method of Sale capital value psf for flatted schemes in Sheffiled City Centre is in the region of £220, 86% higher than the subject value. For further information or to arrange an The property is for sale by way of Private Treaty; however we reserve the right to inspection, please contact: conclude the marketing by an Informal Tender process. The average rent for a flat in Sheffield is approximately £760pcm against a current average within the subject block of £550pcm. There is significant scope to Jack Robson increase rents across every flat. For the avoidance of doubt, our Estimated Rental 0113 243 7952 Viewing Information Value is derived on the assumption the remaining flats are let in their current [email protected]. condition. Subject to modernisation work, both rental and capital values could be The flats will be subject to block viewing arrangements only and will not be Anthony Hart significantly increased. available for viewing internally outside of these times. 0113 243 7950 [email protected]. Please contact the office to register your interest. Jordan Payler 0113 243 7957 [email protected] Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available allsop.co.uk and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries.

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