Office portfolio sold for £2.4m

PROPERTY investors Accrue Capital hav sold three office buildings in a £2.4m bundle.

The sites, at Sheffield Business Park, have been acquired by DS Properties.

The deal reflects a net initial yield of 8.88%.

Units 1, 2 and 3 Europa Court total 26,170 sq ft and generate a combined rent of £225,570 per annum.

They are let to occupiers including Foster Care Associates, Excel Parking Services Ltd and Stanley Black & Decker.

Sheffield Business Park extends more than 200 acres with 600,000 sq ft of built and occupied office space. It is located less than two miles from both Junction 33 and Junction 34 of the M1 motorway.

Mark Wilson, investment director at Savills, comments: “This multi-let office investment opportunity combined good covenant strength with an attractive income length.

“It generated strong market interest and we are pleased with the swift result achieved for Accrue Capital.”

DS Properties was represented by SC Associates.