News Desk

Sheffield Synergy office investment acquisition

A private client of Richard Fisk has just completed on the acquisition of a 71,900 sq ft office in the heart of Sheffield's professional quarter.
Acquired from Qunitain, the Synergy Building (previously called St Peter's and Belgrave House) on Hartshead in Sheffield S1 2DR was once the home to Irwin Mitchell but now houses such tenants as Remploy, Lupton Fawcett solicitors, Thompsons solicitors and Prospect Services. In addition, there are substantial vacant areas offering great potential to enhance the current income which stands at circa £350,000 pa. The potential ERV for the building when fully let is well ahead of £600,000 pa.
Acquired for £3 million, this price equates to under £42 psf capital value and reflects a triple net yield of 3% with a highly attractive reversionary yield of close to 20%.
The Sheffield office market has been through some difficult times of late but recently there has been some good letting activity and acquiring Synergy at this time should prove an excellent investment decision.

Contact: Richard Fisk

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