TAB completes £1.25m loan on former Debenhams in Sheffield

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  • 31/03/2021
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TAB completes £1.25m loan on former Debenhams in Sheffield
TAB has completed a first charge commercial loan of £1.25m on the purchase of a former Debenhams store in Sheffield City Centre within four days.

 

The site was valued with vacant possession at £2.7m and purchased at a discount by the client for £1.5m.

The first charge loan of £1.25m represented 85 per cent of the purchase price, with loan to value at 49 per cent.

The client’s exit plan involved either a sale with planning, or a sale following refurbishment when tenants are in place.

The four-day turnaround required quick and accurate communication by all parties.

It was brokered by Nir Yedid at Real Estate Finance Consultancy (REFC) with support provided by chartered surveyor and asset management adviser Simeon Anderson of Clifton Securities.

Yedid said: “The TAB team was extremely supportive, efficient and professional in helping through the whole process, from day one to completion, delivering in a week’s time-window, with ease and personal touch.”

The property – 214,000 sq ft over five floors, three mezzanines and a roof terrace – is under a 43-year lease with the freeholder Sheffield City County.

Nick Russell, sales director at TAB, said: “This was a complicated transaction due to the nature of the asset and the time limit we had.”

TAB legal adviser Daniel Fireman added: “This was an interesting deal involving a complex city centre site, which suffered a catastrophic downturn in value consequent on Debenhams demise.”

 

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