Sold

Sheffield – Sale & Leaseback Long Income Car Park Investment

Q-Park, Castlegate, 3 Broad Street West, S1 2BQ

Property Type:
Commercial
Sub Type:
Car Park
Tenure:
Long Leasehold

Income

£242,000 pa

Description

  • Prime multi-storey car park occupying a central location in Sheffield City Centre.
  • Sale and leaseback that will be let to the strong covenant of Q-Park Ltd for a minimum term of 35 years.
  • Long leasehold.
  • Total proposed rent of £242,000 pa subject to annual RPI linked rent reviews with a 1% collar and 4% cap.
  • Recommended car park for the adjacent Travelodge and the Ibis situated opposite, with a number of leisure destinations within the locality.
  • The A61 is in close proximity, providing access to the M1 and a wider network of A Roads.
  • Providing 403 parking spaces arranged over 9 levels measuring approximately 127,154 sq ft.
  • The immediate Castlegate area is currently undergoing a £5.8 million council led regeneration.
  • Based on a purchase at asking terms the property has a very low capital value of only £36 PSF.
  • Offers sought in excess of £4,540,000 subject to contract and exclusive of VAT. This reflects a net initial yield of 5%,
    after allowing for purchaser’s costs of 6.58%.