• 12 purpose-built studio apartments in Sheffield city centre, adjacent to Hallam University

• 9 apartments let at £6,075 pcm (annualised £72,900 pa) & 3 vacant

• Asset management opportunity

• Long leasehold, 190 years unexpired

• Excellent transport links, amenities, and close proximity to two major universities

• To be sold by Knight Frank Auctions on 17th July (will not be sold prior)

Property Description

On the instructions of the Receivers.

Pearl Works is a modern residential block forming part of a popular student development built in 2008, located in the heart of Sheffield city centre. Apartments 401–412 comprise a self-contained cluster of 12 studio flats arranged over the upper floors (4th–6th), accessed via communal entrance with lift access.
Each unit includes a fully fitted kitchenette, en suite shower, sleeping and study area and built-in storage. Internal photos are from apartments 402 & 409. The development benefits from secure bicycle storage, on-site laundry, 24/7 CCTV security.
The property is located directly opposite Sheffield Hallam University and a short walk from the University of Sheffield, making it a well-established location for long-term rental demand from both domestic and international students.

Tenancy
9 flats let on Assured Shorthold Tenancies at £6,075 pcm (annualised £72,900 per annum). 3 flats are currently vacant. Please refer to the tenancy schedule and legal pack for full details.

Areas
Knight Frank have not measured all of the studios, however the vendor has provided information on this matter. Individual studios extend to between approximately 15.27 and 20.57 sq m (164.39 and 221.41 sq ft). Aggregate areas equate to 207.32 sq m (2,231.67 sq ft). The floor plan is for apartment 409.

VAT
Not applicable

Open House Viewing (Flats 402 & 411 and communal areas)
Monday 14 July, 11.30 - 12pm

Notices
This property is being marketed for sale on behalf of Joint LPA Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in these particulars or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability.

Location

Pearl Works is situated on Howard Lane, a prime city-centre location just steps from Sheffield Hallam University and within easy walking distance of Sheffield train station, bus interchanges, and tram services. The area is extremely popular with students due to the close proximity to both Sheffield Hallam and the University of Sheffield. The surrounding streets offer a wide range of amenitieLocation Pearl Works is situated on Howard Lane, a prime city-centre location just steps from Sheffield Hallam University and within easy walking distance of Sheffield train station, bus interchanges, and tram services. The area is extremely popular with students due to the close proximity to both Sheffield Hallam and the University of Sheffield. The surrounding streets offer a wide range of amenities, from cafes and restaurants such as Tamper Coffee and Public bar, to local grocers including Sainsbury’s Local and Ozmen’s Extra. Green spaces such as the Peace Gardens and Devonshire Green offer nearby relaxation, while cultural attractions including the Millennium Gallery, Fargate and the Sheffield Institute of Arts Gallery are all within a short walk. The central location supports strong year-round demand from students and young professionals alike.s, from cafes and restaurants such as Tamper Coffee and Public bar, to local grocers including Sainsbury’s Local and Ozmen’s Extra. Green spaces such as the Peace Gardens and Devonshire Green offer nearby relaxation, while cultural attractions including the Millennium Gallery, Fargate and the Sheffield Institute of Arts Gallery are all within a short walk. The central location supports strong year-round demand from students and young professionals alike.

Occupancy

See legal pack

Tenure

Long Leasehold – Expiring 2215 (thus approximately 190 years unexpired). Ground rent is £882.23 per flat per annum. Service Charge is £2,483.24 per flat per annum. Refer to the legal pack for further information

Auction Details: The sale of this property will take place on the stated date by way of Auction and is being sold as on an Unconditional basis. Binding contracts of sale will be exchanged at the point of sale. All sales are subject to the Common Auction Conditions and Extra General Conditions. Auctioneer Fees and Deposit. The following deposits and non-refundable auctioneer fees apply: • 10% deposit of the purchase price, subject to a minimum of £5,000. The deposit contributes to the purchase price. • Buyer’s Fee- is £1950 including VAT. This is only payable by the successful purchaser. There are no costs to bidding for the property. The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability. There may be additional fees contained within the Special Conditions of Sale, which can be viewed within the Legal Pack. You are strongly advised to read the Legal Pack carefully and take professional advice before bidding. Additional Information: For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the Knight Frank Auctions’ website. This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack. Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Auction Conduct Guide.