The Point, 65-69 Division Street

Sheffield, S1 4GE

23,081 sq ft

Prime city centre retail and residential investment

Summary

Prime location on Division St in the heart of Sheffield City Centre
Ground floor fully let - Vintage shop and new Korean food outlet
Upper floors let to a serviced apartment operator under 2 leases
Total annual income £315,000 pax
Offer in the region of £4,000,000
Offering a NIY of 7.88%

Accommodation

The accommodation comprises the following areas:

Name	sq ft	sq m	Rent	Availability
Ground - Unit 1 - Glass Onion	2,341	217.49	£40,000 /annum	Let
Ground - Unit 2 - Derby KFoods	2,146	199.37	£45,000 /annum	Let
1st - KSpace	4,036	374.96	£55,000 /annum	Let
Unit - 2-4th Floors - KSpace Derby	14,558	1,352.48	£175,000 /annum	Let
Total	23,081	2,144.30

The Point, 65-69 Division Street - download-2.jpg

Location

The Point is located in the heart of Sheffield city centre on Division St. The immediate surrounding area is a vibrant mix of retail, F&B on ground floor and is an established circuit in the city centre.
The Councils Heart of the City regeneration project is just to the rear of The Point and significantly improved the city centre adding to the mix of uses and improved footfall. The scheme includes landmark buildings including Leahs yaard, Cambridge Street Collective and Elshaw House. All of which are now occupied.
Furthermore Urban Splash are progressing with the redevelopment of the former John Lewis department store at Barkers Pool.
Overall the city centre, including Division St has seen and will continue to see a significant amount of investment and regeneration, hopefully underpinning any investment is a property such as The Point.

Get directions from Google Maps

Mainline Stations

Sheffield

10 mins
Darnall

50 mins
Meadowhall

70 mins
Dore and Totley

77 mins

Underground Station

Chesham

2342 mins
Amersham

2383 mins
Chalfont and Latimer

2402 mins
Chorleywood

2430 mins

Further Information

Price Offers in the region of £4,000,000

Rates Payable Upon Enquiry

Description

The property comprises a detached modern building with accommodation over basement, ground and 4 upper floors. The property is 100% let with the income spread over 4 tenants.

Lease/Tenancy Information

The property is let as follows:
Ground floor - Unit 1 - Glass Onion Vintage
Let on a 10 yr lease from 18th August 2022 with a break and review at the 5th anniversary. Rent passing is £40,000 pax
Ground floor - Unit 2 - Derby KFoods
Let on a 10 yr lease from 25th November 2025, no break clause and a review at the 5th anniversary. Rent passing is £45,000 pax
1st floor - KSpace
Comprising 7 apartments let on a 10 yr lease from 14th November with no break. Rent passing is £55,000 pax
2nd, 3rd & 4th floors - KSpace The Point Ltd
Comprising 27 apartments let on a 10 yr lease from 1st January 2024 with no break. Rent passing is £175,000 pax

The above provides a total rent passing of £315,000 pax

Copies of the leases are available via the agents dataroom

Tenant Background

Glass Onion Vintage Ltd - an established vintage clothing business. Headquartered in Barnsley where there warehouse in also located. With retail outlets here at The Point and in Leeds. For more information on the company - www.glass-onion.com

Derby K Foods - an expanding Korean food outlet with VC funding. Sheffield is their first outlet outside of Derby. For more information on the company - https://www.omomo.co.uk/

KSpace are a serviced apartment operator with over 80 apartment across Sheffield and Leeds. For more information - https://www.kspace.uk/

Tenure/Availability

The property is held freehold and is available with the benefit of the existing tenancies.

We are seeking offers in the order of £4,000,000+VAT for the freehold interest in the property.

Dataroom

The agents are able to provide access to a dataroom. This contains the following information:
- Leases
- Plans
- Title information
- Financial information on the tenants including payment history.
- Service charge accounts
- EPC