A prominent Sheffield office block, built in the 1980s off Ecclesall Road, has been sold to a private property company for just under £1.78 million.
The four storey Porterbrook House, on Pear Street, provides 42,300 sq ft of space, let to the Department for Work and Pensions on a lease which expires in December 2014.
The office block has been sold by Knight Frank and Clarke Nickolls and Coombs on behalf of BFS Managed Properties Holdings.
The buyers were represented by BNP Paribas Real Estate.
Knight Frank associate Rob Hepworth said: “This property offered interested parties a high yielding investment deal which led to a competitive bidding situation – and it’s not hard to see why.”
“As well as offering a very attractive yield there is also excellent potential to redevelop the building for a number of alternative uses, subject to the relevant planning permission.”
Porterbrook House and the surrounding area has been designated a Business Area by Sheffield City Council in a bid to stimulate economic growth, boost retail provision and unlock development potential.