Part of Sheffield’s landmark Telephone House sold for £4m

Telephone House.
Telephone House.

Retail units and a multi-storey car park at a landmark Sheffield tower block have been sold for £4 million.

Radcliff Property Limited, an associate company of Ace Liberty & Stone Plc, has completed the sale of a long leasehold interest in retail units one and two and the car park of Telephone House in Wellington Street.

This follows the sale of the tower and units three and four of the building for £4.1 million last year.

The announcement also comes after a major £35m refurbishment of the other parts of the 15-storey site to create 347 apartments.

Owners Vita Student said most of the flats will be offered as one-room studios costing £82, 000 or more, offering a “four-star hotel experience.”

Giles Beswick, Vita director, said the complex is aimed at postgraduates and young professionals connected to the city’s two universities.

Ivan Minter, finance director of Ace Liberty & Stone, said: “This sale completes the successful transition from purchase to profit of Telephone House. Ace Liberty & Stone actively seeks investment opportunities that deliver a steady and reliable return in commercial property across the UK and this sale demonstrates our expertise in identifying the right properties at the right time. Our increasing portfolio exhibits the diverse locations and tenants of our properties, highlighting the vast scope for investment going forward.”

Ace is expected to receive £2.2m from the transaction and a total profit of £456,000 on the investment originally made in Telephone House, which will be used to fund future acquisitions.