Distressed Assets - For sale - 1-9 President Way - Sheffield
- Sheffield is an established, high-end manufacturing and engineering hub in the UK in an excellent strategic location within one mile of junction 24 of the M1 and Meadowhall Shopping Centre.
- Nearby occupiers include Sheffield Forgemasters International, Firth Rixon Limited and Doncasters Group.
- Freehold Modern Industrial Estate of 4 Units totalling 85,197 sq ft.
- Well let with WAULT of 4.9 years to lease expiry. Total income of £370,592.50 pax.
- Seeking offers in excess of £4,400,000 (four million four hundred thousand pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.96% and a low capital value of £51.64 psf assuming purchasers costs of 5.8%.
The property comprises a terrace of 3 modern factory/warehouse units, with a further self contained unit adjoining which was constructed at a later date.
The units are of steel portal framed construction, with brick and blockwork walls overclad with steel panels, under a pitched roof with circa 10% translucent roof lights. Good quality ancillary office accommodation is provided, predominantly over two storeys, including male, female, disabled w/c’s and kitchen facilities.
The units have a minimum eaves height of 8.0 metres, with roller shutter door access and benefit from large travelling cranes. The units were constructed from 1996/1997.
Ancon and Baldwin & Francis have installed significant production machinery within their units. The estate has the benefit of dedicated staff/customer car parking to the front of the buildings and a secure shared yard providing loading access to the rear.
Sheffield is the fourth largest city in England and is the commercial and administrative capital of South Yorkshire. The city has a resident population of 551,800 (2011 Census) and a population of 2.1m living within an hours drive.
Sheffield is located approximately 56km (35 miles) south of Leeds and 67 km (42 miles) east of Manchester. London is 269 km (167 miles) to the south.
Sheffield has excellent communication links being served by junctions 31-34 of the M1 motorway to the east of the city, which provides access to the rest of the UK. There are direct and regular rail services to London St Pancras with a fastest journey time of 2 hours. Robin Hood (Doncaster) Airport also provides regular flights throughout Europe and is 32 km (20 miles) east of the city.
Sheffield has a strong industrial and manufacturing heritage as demonstrated by
the fact that Boeing and Rolls-Royce have both recently opened new state of the art production facilities at the Advanced Manufacturing Park. In recent years Sheffield has also diversified its economy attracting major financial institutions such as Aviva, Nationwide Building Society and HSBC which has based its European IT operations in Sheffield. Top national legal practices including Irwin Mitchell, Nabarro LLP and DLA Piper and major communication firms such as Sky, Plusnet and Virgin Media all have a major presence in Sheffield.
Key to the economy of the region is Meadowhall a 1.5m sq ft shopping centre, one of the largest in the UK attracting 25 million visitors per year. Sheffield has an unemployment rate for the period ending March 2014 of 3.8% which compares favourably with other major regional cities including Leeds and Manchester, which for the same period had rates of 4% and 4.2% respectively.
We are instructed to seek offers in excess of £4,400,000 (Four million, four hundred thousand pounds) reflecting a net initial yield of 7.96%, and
a low capital value of £51.64 per sq ft, assuming purchasers costs of 5.80%.
A full EPC for each unit is available on request. The property has been elected for VAT.
|Unit / Floor||Size SQFT||Description|
|Units 1 & 2||16,500||Sheffield Care Trust Lease Start Date: 31 March 2006 Lease Expiry Date: 30 March 2016 Next Review: 30 March 2016|
|Units 3 & 4||18,096||Ancon Limited Lease Start Date: 13 February 2013 Lease Expiry Date: 12 February 2022 Next Review: 13 February 2018|
|Units 5 & 6||17,556||Ancon Limited Lease Start Date: 13 March 2013 Lease Expiry Date: 12 February 2022 Next Review: 13 February 2018|
|Units 7 & 8||22,987||Baldwin & Francis Lease Start Date: 31 March 2006 Lease Expiry Date: 31 March 2016 Next Review: 26 August 2014|
|Unit 9||10,058||Motorhall Limited Lease Start Date: 1 August 2012 Lease Expiry Date: 31 July 2017 Next Review: N/A|