Slough Estates has sold the 11,705 sq m (126,000 sq ft) Fountain Precinct office scheme to Mars Pension Fund for £14.9m.
The price for one of Sheffield’s largest city centre office schemes reflects a yield of 9.8%.
Tenants in the Leopold Street building include Legal & General, Allied Dunbar, the Co-operative Bank and Mansfield Brewery. Rents range from £97 per sq m to £145 per sq m (£9 per sq ft to £13.50 per sq ft). The annual rent roll is £1.5m.
Jones Lang LaSalle’s Mike Smith, which represented Mars, said: “This is a high yield deal, in a good location, which gives opportunities for active management in the heart of the city centre.”
Insignia Richard Ellis acted on behalf of Slough Estates.
EGi News 28/03/00
