1, 2, 3 & 7 St Peter`s Close, Sheffield S1 2EJ
Residential Development / Investment Opportunity 1, 2, 3 & 7 St Peter’s Close, Sheffield S1 2EJ City centre residential re-development opportunities with planning consent for residential conversion On the instructions of LPA Receivers Four former office buildings in Sheffield City Centre, one having been recently converted to provide student residential accommodation Freehold Offers in excess of £950,000, subject to contract, required for the whole of the freehold interests or available individually. 1, 2, 3 & 7 St Peters Close, Sheffield S1 2EJ Residential Development / Investment Opportunity LOCATION Sheffield is the fourth largest city in the UK and the principal administrative centre in South Yorkshire. The city is located approximately 33 miles south of Leeds and 22 miles west of Doncaster. The properties are situated within Sheffield City Centre just to the north of Sheffield Cathedral and the prime shopping areas around Fargate and are proximate to The University of Sheffield and Sheffield Hallam University city campuses. The properties are within the traditional business district which is now undergoing substantial transformation with many buildings being converted to a mixture of student and private residential accommodation. St Peter’s Close is accessed from Campo Lane via North Church Street and comprises a quiet cul-de-sac, yet is close to many shops, bars, restaurants and other facilities and public transport including Supertram. PLANNING HISTORY Planning Permissions No. 1: Currently in use under use class C4, Houses of Multiple Occupation. No. 2: Detailed consent has been granted for alterations and conversion to form 4 studio apartments (Planning Ref. 13/01551/FUL). No. 3: Detailed consent has been received for residential conversion to 4 flats with a total of 10 beds and one disabled car parking space. (Planning Ref. 13/03822/FUL). No. 7: The property currently has consent for B1 offices, however conversion to residential is considered appropriate with potential for at least 11 apartments Permitted Development Under the Town and Country Planning (General Permitted Development) Order 1995 (as amended) the following changes of use are permitted for B1: A1 (shops), A2 (financial and professional services) or A3 (restaurants and cafes) B8 (up to 500m) C3 (dwelling house) & D1 (state funded school or nursery). The previous and existing planning consents for C3 and C4 use at No’s 1-3 set a precedent for the final building in the block. We anticipate that planning consent for the remaining building will be achievable. Please rely upon your own investigations. 1 St Peters Close, Sheffield S1 2EJ Income Producing Residential HIMO Opportunity PRICE Offers in excess of £195,000, subject to contract, are required for this freehold interest. This reflects a net initial yield of 8.5% allowing for purchasers costs at 2.52% and assuming the maximum cost of services is utilised. VAT We are informed VAT is NOT payable on the purchase price. LEGAL COSTS Each party is to be responsible for the payment of their own legal costs incurred in connection with this transaction. DESCRIPTION No 1 St Peters Close comprises a period three storey building with basement which has recently been converted into a 4 bedroom student house. There is parking for 2 cars directly in front of the premises. CONTACT ACCOMODATION (Approx net internal areas) Crosthwaite Commercial Martin Crosthwaite 0114 272 3888 [email protected] Ground Kitchen/Living Room First 2 Beds Second 2 Beds Basement Bathroom/Store Total 352 sq ft 32.7 sq m 382 sq ft 373 sq ft 35.5 sq m 34.7 sq m 196 sq ft 18.2 sq m 1,303 sq ft 121.1 sq m Viewing arrangements, and any further information, can be obtained from the joint agents – DTZ Richard Brooke 0113 233 8879 [email protected] EPC The premises have a rating of 60 (Band D). A copy of the EPC is available upon request. SERVICES The Landlord is responsible for electricity, gas, and water charges up to a maximum of £1,780 per annum. TENURE The premises are held freehold. TENANCY The property is let on a single Assured Shorthold Tenancy expiring 30th June 2015, at a rental of £18,720 per annum. For illustration only 2 St Peters Close, Sheffield S1 2EJ Residential Development Opportunity PRICE Offers in excess of £135,000, subject to contract, are required for this freehold interest. VAT We are informed VAT will be payable on the purchase price. LEGAL COSTS Each party is to be responsible for the payment of their own legal costs incurred in connection with this transaction. CONTACT DESCRIPTION Three storey office building with considerable character, previously providing offices at ground and first floor levels and ancillary accommodation at lower ground floor level. There are 2 car parking spaces directly in front of the building. ACCOMODATION (Approx net internal areas) Ground First Lower Ground Total 930 sq ft 1,010 sq ft 646 sq ft 2,586 sq ft 86.4 sq m 93.8 sq m 60.0 sq m 240.2 sq m Viewing arrangements, and any further information, can be obtained from the joint agents – Crosthwaite Commercial Martin Crosthwaite 0114 272 3888 [email protected] DTZ Richard Brooke 0113 233 8879 [email protected] EPC The premises have a rating of 75 (Band C). A copy of the EPC is available upon request. PLANNING Consent has been received for residential conversion to 4 studio apartments. (Planning Ref.13/01551/FUL). The building is currently vacant and partially stripped out. TENURE The premises are held freehold. For illustration only 3 St Peters Close, Sheffield S1 2EJ Residential Development Opportunity PRICE Offers in excess of £195,000, subject to contract, are required for this freehold interest. VAT We are informed VAT will be payable on the purchase price. LEGAL COSTS Each party is to be responsible for the payment of their own legal costs incurred in connection with this transaction. DESCRIPTION This building, also known as Cloisters Chambers, is a three storey office building with considerable character. To the rear are 6 car parking spaces accessed through an archway. ACCOMODATION (Approx net internal areas) Ground First Lower Ground Total 1,203 sq ft 1,229 sq ft 777 sq ft 3,209 sq ft 111.8 sq m 114.2 sq m 72.2 sq m 298.2 sq m CONTACT Viewing arrangements, and any further information, can be obtained from the joint agents – Crosthwaite Commercial Martin Crosthwaite 0114 272 3888 [email protected] DTZ Richard Brooke 0113 233 8879 [email protected] EPC The premises have a rating of 137 (Band F). A copy of the EPC is available upon request. PLANNING Detailed consent has been received for residential conversion to 4 flats with a total of 10 beds and one disabled car parking space. (Planning Ref. 13/03822/FUL). Ground First Lower Ground Total 1 x 3 beds 1 x 4 beds 1 x 1 bed and 1 x 2 beds 10 beds RATING ASSESSMENT According to the 2010 Rating List, the premises are assessed as follows:Offices & Premises Rateable.Value £32,000 TENURE The premises are held freehold. For illustration only 7 St Peter’s Close, Sheffield S1 2EJ Residential Development Opportunity TENANCY The property is let to Sheffield City Council until August 2015 at a rent of £87,500 pa. The tenant is not in occupation. PRICE Offers in excess of £425,000, subject to contract, are required for this freehold interest. VAT We are informed VAT will be payable on the purchase price. LEGAL COSTS Each party is to be responsible for the payment of their own legal costs incurred in connection with this transaction. DESCRIPTION Originally built in 1872 as a synagogue, this is a period four storey office building with a basement car park for 8 cars. The building has its own unique character stemming from its previous use as a place of worship with large open plan spaces and exposed timber roof trusses. ACCOMODATION (Approx net internal areas) Ground First Second Third Total 1,860 sq ft 1,720 sq ft 1,680 sq ft 1,540 sq ft 6,800 sq ft 172.8 sq m 159.8 sq m 156.1 sq m 143.1 sq m 631.8 sq m CONTACT Viewing arrangements, and any further information, can be obtained from the joint agents – Crosthwaite Commercial Martin Crosthwaite 0114 272 3888 [email protected] DTZ Richard Brooke 0113 233 8879 [email protected] RATING ASSESSMENT According to the 2010 Rating List, the premises are assessed as follows:Offices & Premises Rateable.Value £41,500 EPC The premises have a rating of 142 (Band F). A copy of the EPC is available upon request. PLANNING The property currently has consent for B1 offices, however conversion to residential is considered appropriate with potential for at least 11 apartments. TENURE The premises are held long leasehold for a term of 500 years from 2 February 1736 at a ground rent of £5 per annum. For illustration only 1, 3, 5 & 7 St Peter’s Close, Sheffield S1 2EJ Residential Development Opportunity PRICE Offers in excess of £950,000, subject to contract, are required for the collective freehold interests. Alternatively we will consider offers for individual buildings, offers sought in excess of: No1 £195,000 No 2 £135,000 No 3 £195,000 No 7 £425,000 VAT We are informed VAT will be payable on the purchase prices, with the exception of No. 1. LEGAL COSTS Each party is to be responsible for the payment of their own legal costs incurred in connection with this transaction. CONTACT Viewing arrangements, and any further information, can be obtained from the joint agents – Crosthwaite Commercial Martin Crosthwaite 0114 272 3888 [email protected] DTZ Richard Brooke 0113 233 8879 [email protected] Note: The area marked on the OS plan opposite is the subject of a legal dispute and is currently excluded from the title being offered. Further details on request IMPORTANT NOTICE DTZ and Crosthwaite Commercial jointly give notice to anyone who may read these particulars as follows: 1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4 The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. April 2015
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