An Addington joint venture company has sold The Tower in Sheffield to Rose Gold Estates Limited.
Addington, the property investment and asset management specialist, acquired the 26,589 sq ft city centre office building property in January 2016 as part of the Prospect Portfolio and achieved planning consent to convert the building into an 81 bed student accommodation scheme. It has been sold for £2.25 million, with the buyers planning to convert the vacant office into high end student accommodation.
The Tower is located on Sheffield’s Furnival Square roundabout opposite The Moor Shopping Centre and on the opposite corner of the roundabout to Sheffield Hallam University’s main campus. Redvers Tower next door has also recently been converted into student accommodation and is achieving high rents. The building consists of a ground floor which houses a restaurant, former office accommodation on nine upper floors and a basement car park providing 14 spaces.
Agents for Addington were Crossthwaite Commercial and Allsops.
Commenting, Matthew Allen, Principal of Addington said, “There is a strong demand for student accommodation in Sheffield*and we were able to spot the opportunity that gaining planning would give. A tired office building will be given a new lease of life which is good both for the students and for regenerating Sheffield.”
“Addington will continue to look for opportunities where we can add value to property, using our asset management skills and knowledge of local markets.”
* Sheffield University and Sheffield Hallam together have nearly a 60,000 student population
For further information, please call;
Matthew Allen
Addington
Tel: +44 (0)207 042 9250
Email: matthew@addington.uk.com.com
Karen Roberts
PR Consultant
Tel; +44 (0)7917 225383
Email: keroberts@btopenworld.com
Note To Editors
About Addington
Addington was set up in 2010 by Martin Roberts and Matthew Allen, as an independent asset management and investment business. Since inception Addington has completed over £850 million of deals by value and has an established platform in the office, retail and residential sectors. Addington acts as an operating partner and works closely with its partners to create value through active asset management. Please visit www.addingtoncapital.com for further information etc.
