The Balance, a 114,000 sq ft building on Pinfold Street, Sheffield, was sold in an off-market deal to Kames Capital, by a retained fund managed by CBRE Global Investors.
Rebecca Farnsworth, investment partner with Knight Frank in Leeds, who advised CBRE, said: “This is tremendous news for Sheffield, putting this flourishing city firmly on the investment map. It is a resounding endorsement of the city centre’s economic progress which has accelerated in recent years.”
She added: “The on-going city centre transformation is cementing Sheffield’s future, acting as a catalyst for further regeneration and underlining its exciting future as a leading UK city. The recent sale of 3 St Paul’s Place underlines the renaissance of Sheffield, as does the new £480m city centre retail scheme, Heart of the City II, which is now under construction.”
Meanwhile, a prime commercial building in the heart of Sheffield, has been put on the market for offers in excess of £41m.
Hartshead Square, which covers almost 300,00 sq ft and is fully-let, was brought to the market by Greenridge Investment Management. The current passing rent from the property is just under £3m per annum.
Greenridge Investment Management is being advised by the Leeds office of Knight Frank.
Ms Farnsworth, added: “In a market short of opportunities, Hartshead Square presents an attractive Sharia compliant investment with exceptionally secure income, the majority of which benefits from RPI linked increases.”