Representing clients of Aberdeen Asset Management, we have sold the freehold of Edgar Allen House to The University of Sheffield, in the second largest freehold transaction to take place in the city this year.
The clients of Aberdeen Asset Management put the building up for sale in May 2011, after we undertook a strategic review following the expiry of the previous tenant’s lease.
Purchase part of a medium-long term strategic estates plan
The 20,000 sq ft office building forms part of the University’s medium-long term strategic estates plan, and will undergo a full refurbishment programme to provide new teaching space and admin offices.
£21m capital investment
Keith Lilley, the University's Director of Estates and Facilities Management, said "The University has embarked upon an extensive estates development programme to ensure we have the right quality of teaching and research facilities for the future. Our recent announcement of a £21m capital investment in our Faculty of Engineering is evidence of this. The purchase of Edgar Allen House will help facilitate these developments and underscores the economic investment and regeneration that the University continues to make in the city".
Strong office space take-up in Sheffield
Rob Darrington, Head of our Office Agency team in Sheffield, said: "Demand for office space across Sheffield has been exceptionally strong this year. Current take-up figure stands at 259,415 sq ft, an increase of 34% from the same period last year.
“Taking this into account when undertaking a strategic review of all available options for the property, we recommended that our client dispose of their freehold interest in the property. We successfully identified a purchaser and the building was sold within five months of the previous tenant’s lease expiring.”