SHEFFIELD S1 4EL. Centrally located development opportunity with detailed planning permission for mixed use development

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1 Residential / Student Development Opportunity SHEFFIELD S1 4EL Centrally located development opportunity with detailed planning permission for mixed use development

2 Location The site is located at the North East corner of the intersection between Bailey Lane and Trippet Lane, Sheffield which is set within the St George s Quarter of the City. The site is irregular in shape and tapers in width from the southern boundary facing onto Trippet Lane down to the northern boundary at the rear of the site. The site has an excellent city centre location, and is within walking distance to the University of Sheffield. There are plans to widen the pavements on Trippet Lane in the next couple of years to create what is referred to as the golden gateway to the University of Sheffield. The city benefits from excellent road connections, with the M1 (Junctions 33 and 34) approximately 6 miles to the northeast. It also benefits from very good rail links with the Sheffield Train Station providing frequent services to Leeds in the north and London and Birmingham in the south. The Supertram and regular bus services provide good links throughout the city and its surrounds. Robin Hood Airport is located 19 km (12 miles) to the north-east of the city, handling over 1 million passengers a year. The property is only a short, 0.5 mile (800m) walk from the new Sheffield Retail Quarter development, to be anchored by a new HSBC office, housing in excess 2,500 staff. Sheffield is the UK s fourth largest city and the principle administrative centre within South Yorkshire. Bordering Derbyshire, the Peak District and the Pennines it is located approximately 56 km (35 miles) to the south of Leeds, 67 km (42 miles) east of Manchester and 270 km (168 miles) north of London. The population of Sheffield was 551,800 in the 2011 Census, making it the third largest metropolitan authority in England. There has been a substantial increase in the age bracket due to a large increase in the number of students at the University of Sheffield and Sheffield Hallam University. Both universities have also experienced an increase in international students, further increasing the city s younger population.

3 University of Sheffield The University of Sheffield, part of the Russell Group, boasts a student population of 17,995 undergraduates and 6,290 postgraduates and is currently placed 24th in The Times Good University Guide (2018). Also ranked in the top 100 universities in the world it attracts over 6,000 international students. The University has recently opened an 81 million engineering building and has spent 1.5 million refurbishing the Student Skills Centre. Sheffield Hallam University Sheffield Hallam is ranked 79th in The Times Good University Guide (2018) and has a student population of 21,495 undergraduates and 3,035 postgraduates. The Careers and Employability Centre received a top rating of 96% satisfaction in the 2015 National Centre for Universities and Business index. A 30 million development at the City Campus now houses the Sheffield Institute of Education, training the majority of the region s new teachers. They have recently completed a 110 million development plan for the new Institute of Arts in a prominent city location. The University is also upgrading its science and technology facilities, having just won a 10 million grant from the Funding Council and a new BSc in sport and exercise technology will be available from Both Universities are in the top 15 of UK higher education providers by number of student enrolements. Description The site is located to the north of Trippet Lane at the junction with Bailey Lane. The site is occupied by a 2 storey building and open yard to the rear. The building is of red brick construction with a slate roof. The building is set to the back of pavement and the rest of the site is secured by a boundary wall. Access into the site is taken off Bailey Lane. The existing building footprint is 141m2 (Gross External Floor Area) which is set within an overall site curtilage area of 268m2. Maximising the viability of the available site the new proposals will result in an overall building footprint of 258m2. The existing buildings on Bailey Lane comprise of warehouse brick structures which have been used as storage, garaging and other business uses. The existing building on site was previously used as office space. This building is constructed of traditional red brick and tiled roof.

4 Residential The draw of being close to the growing employment sector, improving transport links, cultural and leisure facilities in Sheffield is increasing demand for city centre living. A recent report by Sheffield City Council into the housing market in Sheffield references growing popularity of city centre living amongst the younger generation as a cause for a shortfall in private rented sector housing. Over 70% of the city centre population are aged between 15 and 34 years. Sheffield is regarded as a large office centre by PROMIS with just over 280,000 employees, the nearest centre in size being Liverpool. Unemployment currently stands at 2%. Employment sectors of note include finance, with numerous high street banks with headquarters in Sheffield, business services, ICT and administration. The city centre is a key strategic area for housing growth, with the council reporting that capacity of residential development will continue to be significant over the next 10 years. Approximately 58% of properties in the city centre are privately rented, with the median income ( 21,120) being below the level required to purchase the average property ( 25,655). The average sales price for flats is 107,000 in the city centre, with recent flat sales evidence around Millsands and Kelham island between 170 and 220 per square foot. Average rents in the city centre are 679pcm and have increased by 22% since Over the past 5 years there have been approximately 2,000 newly built properties in the city consisting a mix of private rent, PRS and student. This is a comparatively low number, especially when considering the city centre population of approximately 20,000. The Council report there is a need for flats of 2 or more bedrooms in the city centre, which could favour the large floor plates at the proposed development.

5 Planning The site benefits from a detailed planning permission granted by Sheffield City Council on 1 June 2018, application number 18/00386/FUL. Dataroom Further information is available to view and download from the following dedicated website: Lane 90 Trippet Lane/ 8 Bailey Lane Sheffield S1 4EL It has planning for the demolition of the existing building and erection of 7-storey (plus basement) mixed use development comprising 63 no. student bedrooms in 13 clusters over 6 storeys with commercial use on ground/lower ground floor and cycle storage. The preference is student accommodation but the planning isn t specified so could work for student or BTR / small PRS. Access to the planning consent is available via the following link: gov.uk/online-applications/applicationdetails. do?activetab=summary&keyval=p36a4hnyn3100. Tenure Freehold Method of Sale The subject is for sale by way of Private Treaty. We do however reserve the right to conclude marketing by way of an Informal Tender Process. Amongst other information the data room provides detailed information on the current planning permission, which can also be viewed on the Sheffield City Council Public Access website by entering the planning application reference number (18/00386/FUL). Viewing This property is available to view from the roadside, but we request interested parties do not access the site. The property will not be available for viewing internally at this stage. Contacts For further information please contact: Allsop LLP James Mohammed Brad Harris james.mohammed@allsop.co.uk brad.harris@allsop.co.uk Lane Walker Robert Lane robert@lanewalker.co.uk Proposal Offers in excess of 850,000 are invited on a conditional and unconditional basis Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. March 2018