2 Broad Street West, Sheffield, South Yorkshire, S1 2BQ, UK

The Square, Sheffield

Asset description

Grade A City Centre Office Investment For Sale

...

Asking price

¥1,285,603,000

Building area net

3,972 sm

Occupancy

83%

Year built

2008

Grade A multi-let office building located in Sheffield City Centre, extending to 42,759 sq ft
The Square forms part of a prestigious office development prominently located at the head of the A57 Sheffield Parkway
Let to 2 tenants with a WAULT of 1.6 years to expiry and 1.25 years to break
83% let with a very strong tenant line-up
Average rent of £18.50 psf representing significant discount to prime rent at £27.00 psf
Strong tenant line-up including First Customer Contact Limited and Sopra Banking Software Limited - both have a Creditsafe rating of Very Low Risk
The current passing rent of the property is £790,846 per annum equating to £18.50 psf
The property has a BREEAM rating 'Very Good'
Sheffield is the largest city in the South Yorkshire region
Long Leasehold
We are instructed to seek offers in excess of £6,500,000
This reflects an attractive Net Initial Yield of 11.40%, a Reversionary Yield of 12.33% assuming purchaser's costs at 6.64% and a low capital value of £152 psf