Sale of two city centre buildings completed in deals worth £3.5m

Addington Capital, the investment and asset management property specialist, has sold two buildings in Sheffield.

Wellington House (Wellington Street), which comprises 12 flats and a ground floor retail unit measuring 3,000 sq ft, was sold to Code Students for £1.8m.

Princess House, a 43-bed student accommodation scheme, was sold to Denvil Developments in a deal worth £1.7m. The building is divided into seven flats and now has full occupancy.

The building was sold with a planning consent in place to convert to 26 flats, which included the two additional storeys.

The schemes had originally been bought in a joint venture as part of the Prospect portfolio, back in January 2016

Roshan Ramlugun of Addington Capital, said, “These asset sales demonstrate the liquidity of well-located properties in Sheffield city centre, where the fundamentals remain strong, notwithstanding the uncertain UK economic outlook.”

“Addington will continue to seek properties where we believe we can add value through re-working or redeveloping.”