The Kiosk, Castle Square, Sheffield, S1 2FZ
- Prominent city centre location
- Attractive unexpired term of 12 years to May 2025
- The current passing rent is £12,500 per annum subject to an 'upwards only' rent review in May 2020
- The long leasehold retail investment is let to GT News Ltd which is owned by The James Retail Group, a 110 branch convenience store and newsagent.
- Offers are being sought in the region of £155,000 exclusive, subject to contract, reflecting a net initial yield of 7.8%.
Property SummaryThe Kiosk is situated in an excellent trading location at the end of the High Street adjacent to the Castle Square Supertram stop. Nearby occupiers include Primark, Sports Direct, The British Heart Foundation, Pizza Hut, The Cash Shop and Bonmarche.
The premises are held on a long lease from 23rd December 1993 for a term of 125 years at a peppercorn rent without rent review.
The premises were let to GT News Ltd on FRI terms for 15 years expiring on 7th May 2015, however a further 10-year reversionary lease from 8th May 2015 was completed, extending the effective lease term to 7th May 2025. The current passing rental is £12,500 per annum with a further upwards only rent review in May 2020.
The James Retail Group formed in 2015 is a leading independently owned neighbourhood retailer operating around 110 convenience and newsagent stores. JRG operate select convenience and branded GT News and Supernews.
The property is elected for VAT and therefore VAT will be payable on the purchase price. The transaction can be treated as a TOGC by qualifying purchasers.