City centre office building bought for £6.3m

AN office building let to Sheffield Hallam University and SDL has sold for £6.3m.

Delta Properties has sold Aspect Court in the city centre to Regional REIT in a sale reflecting a net initial yield of 7.85%.

Located next to Digital Campus in Sheffield city centre, the seven-storey property offers 56,983 sq ft of space.

Lambert Smith Hampton (LSH) advised Delta Properties on the sale.

Ben Roberts of LSH said: “This deal demonstrates that despite concerns surrounding the EU referendum, there is still good appetite for well-located assets. Last year, office take up in Sheffield significantly exceeded the 10-year average. Coupled with an absence of new office developments, this has led to a shortage of accommodation which is thereby increasing rental levels.  As a result, investors are increasingly recognising the improving occupational market in the city. This is evidenced by our sale of Ventana House last year and now Aspect Court.”

London-based investor Delta Properties owns a number of assets in the north of England including Mayfield Court, a student redevelopment scheme in Sheffield, and two retail assets in Bradford and Southport.