NCP, Wellington Street, Sheffield, S1

• 449 space multi-storey car park, located in the heart of Sheffield’s  450m regeneration area.

• Car park is situated adjoining the prime pedestrianised retail pitch and new circa 190,000 sq ft offices let to HSBC and CMS Law.

• Long leasehold interest for a term of 98.5 years from 25th March 1972 (expiring 5th September 2070).

• Let to NCP on a lease expiring 28th May 2037 (14 years unexpired).

• Annual RPI linked uplifts collared at 1.5% and capped at 5%.

• The net current income as at June 2023 is 172,703 pa.

• The car park underwent a refurbishment/re-clad in 2020 at a cost in excess of 1.5m

Offers sought for a consideration of £1,625,000 (One Million Six Hundred and Twenty Five Thousand Pounds), subject to contract and excluding VAT. After allowing for purchaser’s costs of 6.15% and assuming a RPI increase of 5.00%, this would reflect: Net Initial Yield 10.00% and a revisionary yield of 10.48% in June.