Location
Fargate connects the High Street to Barkers Pool and benefits from some of the highest footfall in the city centre, anchored by a strong mix of national multiples, food and beverage operators and leisure occupiers, including neighbouring Marks & Spencer, Boots, Starbucks, Greggs, Caffè Nero and Burger King. The street continues to benefit from significant investment through the £15 million Fargate regeneration programme, which has delivered new paving, seating and pocket parks, alongside a new c.20,000 sq ft Events Centre at 20-26 Fargate, due for completion in late 2026, which will further strengthen footfall in the immediate vicinity. Sheffield itself is England’s fourth largest city, providing a strong resident and consumer base to support the wider retail pitch.
Proposal
We are instructed to seek offers in excess of £3,565,000, subject to contract and exclusive of VAT. A purchase at this level would reflect a blended Net Initial Yield of approximately 10.00% and a low capital value of approximately £191 per sq ft, assuming purchaser’s costs of 6.51%. A letting of the vacant office suite would increase the running yield to 11.75%.
Context
33-35 Fargate is a prominent mixed-use investment occupying a prime pedestrianised position in the heart of Sheffield’s principal retail thoroughfare, directly opposite the Cathedral Supertram stop. The freehold building comprises a self-contained ground floor retail unit, let to Superdrug Stores PLC, together with four self-contained office suites across the upper floors, branded ‘Ratoon’, totalling approximately 18,627 sq ft (1,730.1 sq m) NIA.
The offices have been comprehensively redeveloped to a high specification, with a dedicated ground floor reception, two passenger lifts, VRF air conditioning, private showers and lockers, secure basement bike storage, a feature light well and roof lantern, and a communal rooftop terrace with views across the city centre. The property currently produces a total gross income of £380,004.25 per annum, with three of the four office suites let since redevelopment and a final suite available, offering clear asset management potential to increase net income to approximately £446,133 per annum.
Accomodation
The accommodation comprises the following areas:
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Ground Floor
169.50 sq m 1825 sq ft
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First Floor
404 sq m 4349 sq ft
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Second Floor
383.90 sq m 4133 sq ft
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Third Floor
383.90 sq m 4133 sq ft
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Fourth Floor
388.80 sq m 4187 sq ft
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Total
1730.10 sq m 18627 sq ft
