Longmead Capital is planning to sell CityGate, a multi-let city-centre office located on St Mary’s Gate in Sheffield.
ACRE Capital Real Estate was appointed to seek offers over £10.8m for CityGate, which offers a net yield of 8.5% and a capital value of £185 per sq ft.
The building was constructed in 2008 and comprises 59,729 sq ft of workspace, with recent tenants including Dassault Systèmes.
Mark Wilson, partner at ACRE, said: “Sheffield went through a transformational change in its occupational diversity.
“With this building asking £16 per sq ft compared to new rents in the city centre of £25 per sq ft, the prospects for rental growth are strong, which makes this an attractive proposition, especially when you’re able to buy and promote reinstatement value.”
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