The government has completed the purchase of Vulcan House in Sheffield’s Riverside quarter from the Cording Group for £16m.
The 75,600 sq ft building has been occupied by the Home Office since its completion in 2007.
Cording Group’s head of portfolio management, Mark Millar, said: “The sale is a continuation of our strategy to selectively sell assets on behalf of clients where we have completed asset management strategies.
“We are pleased in this instance to have been able to conclude a sale to the occupier. The government has a strong presence in the city and it makes sense for them to be in control of this part of their estate.
“We continue to invest in the office sector and are actively looking at some of the main regional cities again.
“Some cities have a considerable way to go before there will be improvement in market dynamics.
“However, the regional markets are beginning to look fair value relative to the risks and we are being offered some very interesting opportunities in some of the key markets.”
Knight Frank advised the Cording Group; DTZ acted for the Home Office.
nick.whitten@estatesgazette.com
