Sheffield’s iconic Parade Chambers building brought to market
July 1st, 2019
A prominently located Grade II listed building in Sheffield City Centre has been brought to market, agents Commercial Property Partners LLP (CPP) have announced.
A highly reversionary mixed-use investment opportunity located in the heart of the Cathedral Quarter, fronting the High Street and close to all major transport links and the main retail and leisure areas, Parade Chambers comprises approximately 28,776 sq ft.
The property offers a multi-let, mixed-use opportunity – hosting Lloyds Bank Plc on the ground floor, and high quality office accommodation on the upper floors. Additionally, there is parking at basement level, providing 16 car parking spaces.
The property is currently let to five tenants, and benefits from a Weighted Average Unexpired Lease Term (WAULT) of 6.16 years to lease expires, and 5.78 years to lease breaks.
The total current rental income (including a rental guarantee on the top floor) is £388,770 per annum, which reflects a low average rent of £13.51 per sq ft.
The income is underpinned by Lloyds Bank Plc, who account for 48% of the current total rental income and 42% by WAULT.
Offers are sought in excess of £4,865,000, subject to contract and exclusive of VAT. A purchase at this level represents a Net Initial Yield of 7.50%, after allowing for purchaser’s costs of 6.57%.
Richard Wright, Partner at Commercial Property Partners, said: “Parade Chambers offers a fantastic opportunity to purchase a highly reversionary mixed-use property in Sheffield city centre.
“Furthermore, the location of the property makes it a highly desirable for prospective tenants, being situated close to a number of transport links, such as multiple tram stops, bus routes, and situated within close proximity to Sheffield’s train station.”