Unique investment opportunity to acquire income producing retail property at the successful Park Hill development

Key Points

• Unique investment opportunity (let)
• Income producing at an annual rent of £21,060 pax
• Single let retail investment
• Circa 4 years remaining on lease
• Ideal for private/SIPP investor

Description

Park Hill is being developed in phases with the property comprising a ground floor retail space. It is situated under Phase 3, with Beton House above being a modern purpose built student block. It is one of only a limited number of retail spaces at Park Hill. The tenant fit out (as a hairdresser/beauty salon) is to an exceptionally high standard.

Location

The property is situated within the student quarter of the iconic Grade II listed building of Park Hill. Completed in 1961, Park Hill (the largest Listed structure in Europe) is a landmark on the Sheffield skyline atop one of the city's seven hills. Currently it comprises over 600 dwellings, along with multiple businesses. Another 200+ homes are soon to be built. The current tenant is the only hair and beauty business offering services to this location presently.
With the tram and train within a matter of minutes walk from Park Hill, it offers superb connectivity to public transport. Furthermore, a pay and display car park behind Park Hill offers parking for staff and customers. Park Square Roundabout is just down the hill providing onward access to The Parkway and M1.

Tenancy

The property is let on an equivalent full repairing and insuring lease to Bloc Enterprises Ltd for a term expiring in April 2028 at an annual rent of £21,060 pax. A copy of the lease is available on request.

Tenure

We are able to offer a long leasehold interest in the property. The residue of a 250 year lease from 1 May 2009.

Terms

The Property is available to purchase at a price of £200,000+VAT representing a net initial yield of 10.29% and a capital value of circa £120 per sq ft.