Delta Properties has sold Aspect Court in Sheffield to Regional REIT for £6.3m reflecting a net initial yield of 7.85%.
Located next to Digital Campus in Sheffield city centre, the seven-storey 56,983 sq ft office building is let to Sheffield Hallam University and SDL plc. Lambert Smith Hampton advised Delta Properties on the sale.
Ben Roberts, Lambert Smith Hampton 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.
