A LANDMARK building beside Hammerson’s proposed Sevenstone retail development in Sheffield has been sold for an undisclosed sum.
Real estate investment management company Rreef UK has sold Telephone House, on Charter Row, to property investment group Ace Liberty and Stone.
The development occupies an island site and comprises 90,000 sq ft of offices let to BT until 2013, a 456 space multi storey car park, let to NCP and a nightclub, bar and showroom.
The property has a total rental income of around £890,000 a year and is believed to have changed hands for less than the £7.5 million asking price.
Sheffield based Crosthwaite Commercial acted for Ace Liberty and Stone, along with Maybridge Commercial.
Knight Frank represented Rreef.
Martin Crosthwaite, from Crosthwaite Commercial, said: “This is a landmark building in Sheffield city centre, virtually surrounded by one of the largest new retail schemes in the north of England, and offers our clients enormous asset management opportunities.
“It is not often that substantial properties such as this become available in the city and we are pleased to have been in a position to introduce this investment to Ace Liberty and Stone and negotiate the purchase.”
Ace Liberty and Stone’s chairman, Mark Thomas, said: “This is Ace’s second recent acquisition in Sheffield having recently re-geared the leases to Sheffield City Council at New Bank and Sovereign House in Bank Street and subsequently sold the newly created investment. Telephone House is a good investment and we look forward to unlocking further potential from the site.”