Sheffield’s CityGate hits the market

Longmead Capital is planning to sell CityGate, a multi-let city-centre office located on St Mary’s Gate in Sheffield. ACRE Capital Real Estate was appointed to seek offers over £10.8m for CityGate, which offers a net yield of 8.5% and a capital value of £185 per sq ft. The building was constructed in 2008 and comprises 59,729 sq ft of workspace, with recent tenants including Dassault Systèmes. Mark Wilson, partner at ACRE, said: “Sheffield went through a transformational change in its occupational diversity. “With this building asking £16 per sq ft compared to new rents in the city centre of £25 per sq ft, the prospects for rental growth are strong, which makes this an attractive proposition, especially when you’re able to buy and promote reinstatement value.” To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews Discover which agents have been most active in the Sheffield office market so far this year >> Photo © EG Radius