Sheffield property: Why landmark city centre building Trippets has its lease for sale at just £175,000

The lease of the building, which houses a wine bar and jazz venue, on the corner of Trippet Lane and Penton Street, will be auctioned online on June 28.

It is being marketed by Mark Jenkinson and the sale brochure describes the building as a ‘well-known, landmark Sheffield property’.

The price tag is explained by the fact that the building is leasehold for 99 years from September 29, 1937, meaning there are 14 years remaining on the lease.

The owner of a leasehold has the right to use the building but the land is owned by another party. What is for sale is the right to make income from the building.

The sales brochure says: “Comprises ground floor wine bar with two one bed flats above. Let at £38,800 per annum.

“Ground floor - 10 year lease from March 27, 2015, at £25,000. Two modernised apartments off Penton Street at £13,800 per annum.”

Senior partner and auctioneer Adrian Little said: “The price reflects the short leasehold period. It is a cracking location and good address.”

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The venue is featured on the Welcome To Sheffield website which says: “Trippets Lounge Bar is the establishment for fizz, gin, dining and jazz in Sheffield. They are an award-winning independent bar in the heart of the city centre on the renowned Trippet Lane, a short walk from the Cathedral, the City Hall and the Peace Gardens.

"Trippets are also home to a rare collection of images by acclaimed jazz photographer William Ellis, a great supporter of Trippets Lounge Bar.”

The property is one of 24 to be auctioned by city centre-based Mark Jenkinson. The lots have a total value of more than £2 million and others include shops, land, bungalows and terraced houses.

The company thrived in lockdown as interest in propety hit a peak, selling more than £50m of lots in the last two years with a top price of £1.61m in Hull.

For details call 0114 276 0151 or visit the auction website https://www.markjenkinson.co.uk/current-auction