£4m sale of Telephone House, Sheffield completed

Ace Liberty & Stone Plc, the property investment company, has announced that Radcliff Property Limited, an associate company in which Ace has a 38% shareholding, has sold Telephone House, Sheffield for a sum of £4m.

As part of the deal, Radcliffe sold a long leasehold interest in retail units one and two and the car park of the property.

This is following the sale of the Tower and units three and four of Telephone House for £4.1m announced 13 March 2014.

Ace is expected to receive £2.2m from the transaction and a total profit of £456k on the investment originally made in Telephone house, which will be used to fund future acquisitions.

Ivan Minter, finance director of Ace Liberty & Stone, commented: “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.”