ACRE Capital Real Estate acting on behalf of Longmead Capital have advised on this mixed use asset in Sheffield. Citygate was acquired from Blackstone for 17,825,000 which reflects a 6.95% NIY and a Capital Value per sq ft of only 140.
The property comprises a multi-let office and a 126 bed Premier Inn Hotel totaling 126,642 sq ft. It is multi-let to 5 tenants for a further 14 years. It produces a rental income of 1,322,758 per annum.
Location: Citygate, St Mary’s Gate, Sheffield
Property Type: Office/ Hotel
Transaction Type: Acquisition
Client: Longmead Capital