42-52 Chapel Walk, Sheffield, South Yorkshire, S1 2PD

Guide Price* : £50,000

Retail Parade with Potential for Exceptionally High Returns

  • High footfall retail parade with asset management potential
  • Current net income of £5,000 per annum
  • Potential net reversionary income of £50,000 per annum
  • Low capital value of £6.56 per sq ft
  • Long Leasehold
  • Guide price of £50,000 reflects NIY of 9.82%

Description

The property comprises six purpose built retail units constructed over ground floor only. The properties all benefit from full-height glazed frontage onto Chapel Walk.

The property presents an excellent asset management opportunity, whereby upon letting of the two vacant units, the net rent is likely to be in the region of £50,000.

Location

The property comprises a prominent retail block to the south of Chapel Walk. Chapel Walk provides a popular pedestrianised retail pitch, and serves as the foremost connecting passageway between Fargate and Tudor Square. Tudor Square is home to some of Sheffield’s most popular attractions, including The Crucible Theatre, The Lyceum Theatre and Sheffield Winter Garden.

Tenure

Long Leasehold - 150 years from 23/02/1971

Tenancy

Four of the six units are currently let, generating a gross income of £83,000 per annum.

Further information can be found within the legal pack and the tenancy schedule provided within "Related Documents"

Accommodation Summary

The property provides an estimate Net Internal Area of 7,617 sq ft however we have not measured the property and can give no warranties as to the areas.

VAT

We understand the property is elected for VAT. It is anticipated that the sale can be dealt with as a transfer of a going concern

Note

Please note that some of the photographs provided were taken before Covid-19 restrictions came into place.

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Related Documents

Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton January 2021

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.