Canada Life cues up sale of trophy Sheffield office asset
The institution has instructed Cushman & Wakefield to find a buyer for the 80,000 sq ft 1 St Paul’s Place, with an asking price of £25.3m.
Canada Lie bought the Norfolk Street asset from Standard Life in 2011, paying a reported £24m.
The building was originally developed by the CTP St James joint venture in 2005 as part of the first phase of Sheffield’s Heart of the City masterplan.
According to the sales particulars, the asset comes with four fully let F&B units at ground floor, with tenants including Piccolino, Bella Italia and Caffé Nero contributing 12% of the building’s rent roll.
That rental income currently stands at more than £2.4m a year. The office space is 87%, with a deal incoming on the remaining space, which has been refurbished as part of a £10m upgrade carried out over the last few years, completing recently.
There are strong names on the office tenant roster, including Siemens and law firm Knights.
Coming with 68 secure parking spaces, the asset offers 80,686 sq ft across ground to sixth floor in total, and is classified as BREEAM Very Good.
