PRIME CITY CENTRE - COMMERCIAL INVESTMENT - Mark Jenkinson & son
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PRIME CITY CENTRE - COMMERCIAL INVESTMENT FULLY LET - PRODUCING £150,571 P.A.X. – WITH STEPPED INCREASE AND RPI REVIEW Ground Floor, 25 – 29 Division Street, Sheffield – S1 4GE • Sainsbury’s Supermarkets Ltd (Co no. 03261722) • 200 Degrees Coffee Shops Ltd (Co no. 08902756)
The subject investment sits immediately alongside the
Sheffield part of Carver Street which is to be pedestrianised as part
of the Heart of the City II scheme.
Heart of
This scheme will adjoin the key retail streets of Sheffield
the City II City centre including Division Street and the design will
knit together these various streets and key areas.
LOCATION It will also make use of the existing grid of streets including Carver Street. The scheme
The property is situated in the very heart of Sheffield city centre (Population 551,800 – will see major quality additions to the city’s offer in retail, leisure, Grade A offices, hotel
2011 Census) in a prime position on Division Street, close to the City Hall and John Lewis provision, inner city residential development, car parking, public amenity and public
department store. spaces.
The immediate area has very high footfall and is a sought-after vibrant location on the
most central end of Division Street. The area is popular with students from both For further information on the Heart of the City scheme please visit the following link:
universities as well as large numbers of office workers from a range of schemes including
the new multi-million-pound HSBC office is also situated close by.
https://www.heartofcity2.com/wp-content/uploads/2015/05/2018-08-22_Heart-
Nearby occupiers include, Café Nero, Taylor Taylor, Yates Public House and John Lewis. of-the-City-II_Project-Master-Plan.pdf
INVESTMENT CONSIDERATIONS TENANTS
Sainsbury’s are one of the UK’s largest
food retailers with over 600
• Fully let commercial investment supermarkets and 800 convenience
• Full repairing and insuring leases stores.
• Currently producing £150,571 pax
• Stepped increase to £155,571 from April 2021
• Index linked rent review for Unit 27-29
Website www.sainsburys.co.uk
• Prime location in the heart of the city
• Heart of the City II redevelopment situated Sainsbury’s Supermarkets Ltd -
https://beta.companieshouse.gov.uk/company/03261722
immediately adjacent
ASKING - £2,350,000 Subject to Contract 200 Degrees Coffee started as an
independent roasting operation which grew
to include their own coffee shops which now
number 7 across the Midlands, Yorkshire
COVENANT STRENGTH AND LEASE DETAILS and Wales. They continue to supply
wholesale and have 4 barista schools.
Floor Description Floor Tenant Term Rent R.R.
Areas p.a.x
(VOA)
Ground Convenience 362.27 Sainsbury’s 15 years from £95,571 14/11/2021
Store sq m Supermarkets 14/11/2011. (RPI) Website https://200degs.com/
Limited (1) on a full
repairing and
insuring lease. 200 Degrees Coffee Shops Ltd -
Basement Staff and 27.5 As above As above https://beta.companieshouse.gov.uk/company/08902756
Storage sq m
Ground Café and 176.8 200 Degrees 10 years from £55,000 23/04/2023
Premises sq m Coffee Shops 23/04/2018. Rising to (Market
Limited (2) on a full £60,000 Rent)
repairing and From
insuring lease. 23/04/2021
Basement Storage - As above As above
(1) The lease provides for a tenant option to determine on 14/11/2021 subject to 6 months’ notice.
(2) The lease provides for a tenant option to determine on 22/04/2023 subject to 6 months’ notice
and a 3-month rent payment penalty.
TENURE The properties are held by way of two ground leases both for a term of 150 years less 2 days from 25th March 1991. The ground rent currently payable £150 per annum, per lease. The leases provide for fixed increases of £50 per lease every 25 years. Last review 2016. ASKING PRICE - £2,350,000 – Subject to contract MONEY LAUNDERING In accordance with Anti-Money Laundering Regulations two forms of ID and confirmation of the source of funding will be required from the successful purchaser. VAT & COSTS VAT is applicable. Each party are to be responsible for their own costs. ENERGY PERFORMANCE The full EPC’s are available for download from our website. For ease of reference the ratings are noted below. Description Rating 25 Division Street D 27-29 Division Street D FOR FURTHER INFORMATION For further information please contact the sole agents – Mark Jenkinson and son Surveyor acting: Philip Dorman MRICS Tel: 0114 276 0151 Email: philip@markjenkinson.co.uk Disclaimer – November 2018 These particulars are believed to be correct, however their accuracy is not guaranteed and they do not form any part of any contract.
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