Gross Initial Yield: 6.81%
Rental Income: £20,400 p.a.
VAT is NOT applicable to this property
Comprises ground floor betting shop with a self-contained two bedroom flat on the first floor
Central location within Pismire Hill adjacent to NatWest Bank
Occupiers nearby include NatWest Bank (adjacent), Betfred, Greggs, William Hill, Lloyds Pharmacy and a variety of local traders.
The property is arranged on ground and one upper floor to provide a ground floor betting shop with a self-contained two bedroom flat on the first floor. Access to the flat is via a side passageway and a staircase.
The property provides the following accommodation and dimensions:
No. 2: Ground Floor
Gross Frontage: 22`6”
Net Frontage: 16`5”
Shop Depth: 49`8”
Built Depth: 55`7”
Total: 103.24 sq m (1,111 sq ft)
No. 2A: First Floor Flat
Comprises 2 bedrooms, Kitchen/Open Plan
Living Room, Bathroom/WC
Total: 49.00 sq m (527 sq ft)
The ground floor betting shop is at present let to Power Leisure Bookmakers Ltd t/a Paddy Power for a term of 15 years from 13th June 2016 at a current rent of £15,000 per annum and the lease contains full repairing and insuring covenants. The lease provides for rent reviews every fifth year and the tenant has option to determine on 12.06.2021 and 12.06.2026. The first floor flat is at present let on a Guaranteed Rent Agreement to iLet4You Limited for a term of 6 Years from 22nd February 2021 at a current rent of £5,400 per annum. Rent increases to £5,700 per annum in 2024.
The city of Sheffield has a population of some 530,000 and is located approximately 35 miles north of Derby and 33 miles south of Leeds. The city benefits from good road communications via the A630 and A57 main roads, which in turn lead to junctions 31 and 33 of the M1 Motorway some 5 miles to the east. The property is located in Pismire Hill, a suburb of Sheffield some 3.5 miles to the north-east of the city centre and situated on the east side of Bellhouse Road at its junction with Firth Park Road. Occupiers close by include NatWest Bank (adjacent), Betfred, Greggs, William Hill, Lloyds Pharmacy and a variety of local traders.