The property was acquired as part of a much wider commercial property portfolio of nineteen individual assets.
The Portfolio was acquired from a UK Fund divesting itself of the smaller more highly intensive management properties.
The property comprises a department store (120,000 sq. ft), 460 space multi storey car park and 17 retail units. The property is held Long leasehold at a peppercorn rent, whilst the department store is held on a fixed rent for approximately 45 years remaining.
In addition to the retail units there was originally 27,000 sq. ft of office over which was occupied by the Secretary of State for Works and Pensions. The Secretary of State vacated the building some 2 years prior to the lease expiry. This time lapse afforded the opportunity to explore alternative uses. Ultimately Planning consent secured for a 127 room student accommodation development, which was pre-let to the end user. Although Sheffield effectively had an over – supply of student accommodation our development catered to the mature student and was semi-serviced which was a product not done in the City at the time.
The Retail tenants include, Brighthouse, Card Factory, Subway, Rymans, Greggs and Sayers. Zone A rents have increased from £55 psf in 2016 to a current level of £70 psf.