Begbies Traynor has appointed ES, formerly Edward Symmons, to sell a Sheffield office block completed during the recession on behalf of the Manzoor family.
The seven-storey Crown House on West Bar, covering 50,000 sq ft, was completed in 2010 and has been a white elephant in the city ever since.
Lane Walker was tasked with letting the property, which was expected to pull in almost £1m a year. A tenant has yet to be secured.
Despite an increasingly stark supply shortage of grade-A space in the city, lender Clydesdale Bank has appointed Begbies Traynor to find a buyer to recoup as much of the debt as possible.
The Manzoor family owns lettings firm Sheer Challenge. The family has paid off the mortgage on the property, which is understood to have cost £8m to build.
The family secured the plot in 2001, but has yet to finish the building in order to avoid incurring empty rates. It will now be put up for sale for £2m.
Interest is understood to have been expressed by local and national developers and investors – including from Ireland – with three offers received prior to marketing for around the £2m asking price.
ES group partner Nick Blackwell said: “Following our appointment we have generated significant interest in the property from across the UK after carrying out a targeted marketing initiative. Initial offers have been received from a number of parties and we continue to get new enquiries on a daily basis, including 65 sale pack requests to date.”
Offers are to be received by 20 October.
